Pakistan’s exports to China likely to touch $4 billion mark this year

BEIJING, Aug 3 (APP): Pakistan’s exports to China have registered 11% increase in the first half of this year and with this momentum it is likely to reach $4 billion by the end of this year.

Pakistan’s export to China crossed $1.918 billion in the first half of this year, up 10.97 percent from $1.728 billion in the same period of the previous year, which continue to increase on yearly basis, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).

According to State Bank of Pakistan (SBP), Pakistan exported goods worth $2.78 billion during the twelve months of fiscal year 2021-22 against the exports of $2.04 billion during last year, showing an increase of 36.08 percent.

According to sources, despite the epidemic of COVID-19, bilateral trade has increased significantly.

In the first half of this year, the total volume of trade between China and Pakistan increased nearly 15 percent amounting to $ 14.39 billion as compared with the same period in 2021 which was $12.55 billion due to COVID-19.

Compared with data of the first half of 2021, this year Pakistan’s exports to China in January increased by 17.80% amounting to $382.22 million; in February it was up by nearly 30% crossing $287.65 million; in March it increased 7.23% amounting to $367.71 million; COVID-19 impacted Pakistan’s exports in April causing a decrease of 21.15% standing at $283.53 million; in May it increased nearly 3% reaching $280.97 million while in June it increased by nearly 54% crossing $316.36 million.

An economic expert said that China has opened up its market for Pakistani goods. The two countries can benefit from long-term relationships and Pakistani traders can export more goods to China which is the second largest economy in the world.

Pakistan can become a food basket for China because the Chinese market is huge and has good buying power, therefore Pakistan should take advantage of its good relationship and China can help relocate its industries and technologies to Pakistan to increase its exports to China and around the globe, he added.