Pakistan’s Exports to China Surge by 40% in 6 Months
Published on: February 5, 2024.
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Pakistan’s export of goods and services to China has shown significant growth in the first six months of the current fiscal year (2023-24), according to the State Bank of Pakistan (SBP). The data released by SBP reveals that exports to China during July-December (2023-24) amounted to US $1481.499 million, representing a 40.01% increase compared to the corresponding period of the previous year (2022-23), where exports were recorded at US $1058.088 million.
The year-on-year comparison further highlights the robust growth with a surge of 42.80% in exports to China. In December 2022, exports were valued at $180.643 million, which increased to $257.966 million in December 2023.
However, on a month-on-month basis, the exports to China experienced a slight decline of 4.92% in December 2023, as compared to November 2023, where exports were valued at $271.316 million.
In contrast, Pakistan’s overall exports to other countries showed a positive trend, with a growth of 7.49% in the first six months of the fiscal year. The total exports increased from US $14.222 billion to US $15.288 billion, according to the SBP data.
Regarding imports from China, there was a nominal decline of 1.14% during July-December (2023-24). The imports were recorded at US $5782.371 million, compared to US $5849.382 million in the previous year. However, on a year-on-year basis, imports from China witnessed an increase of 29.51% in December 2023, rising from US $803.992 million to US $1041.271 million.
In terms of month-on-month comparison, there was a nominal increase of 3.78% in imports from China in December 2023 as compared to November 2023. Imports in December 2023 were valued at US $1003.248 million.
On a broader scale, the overall imports into the country showed a decrease of 14.69%, decreasing from $29.588 billion to US $25.241 billion.
This significant boost in exports to China reflects the strengthening economic ties between the two countries. It highlights the positive growth of Pakistan’s export sector, particularly in the Chinese market.
Source: [Daily Times](https://dailytimes.com.pk){:target=”_blank” rel=”nofollow”}
