Exports to China Surge 44.53% in Seven Months
Published on: March 2, 2024.
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Pakistan’s Exports to China Witness Strong Growth
Pakistan’s export of goods and services to China has experienced significant growth of 44.53% during the first seven months of the current fiscal year (2023-24) compared to the exports of the same period last year, according to the State Bank of Pakistan (SBP) report.
The data reveals that exports to China reached $1726.679 million between July and January 2023-24, compared to $1194.639 million in the previous year. This represents a YoY growth of 79.54% from $136.551 million in January 2023 to $245.169 million in January 2024. However, there was a slight decline of 4.96% in exports to China in January 2024 compared to December 2023, as stated in the SBP report.
The increase in exports to China is a positive indication of Pakistan’s growing trade relations with its neighboring country. It reflects the success of efforts to promote trade and strengthen economic ties between the two nations.
In addition to exports to China, Pakistan has also witnessed a commendable overall increase in exports to other countries. The cumulative growth of exports to other countries during the first seven months of the fiscal year stood at 9.32%.
On the flip side, imports from China into Pakistan during the same period saw a rise of 7.66%, totaling $6959.768 million compared to $6464.217 million in the previous year. In January 2024, imports from China increased by 91.49% from $614.835 million in January 2023 to $1177.398 million.
These figures highlight the strong bilateral trade relationship between Pakistan and China, with both countries experiencing growth in their trade volumes. The increasing exports to China demonstrate Pakistan’s potential as a reliable supplier of various goods and services.
To strengthen and expand this trade relationship, it is crucial for Pakistan to focus on sectors with high export potential. The country’s rice industry, for example, has a significant role to play in further boosting exports to China. Pakistan rice exporters are well-regarded in the international market, offering a wide range of products such as white broken rice, basmati rice, and 25% broken rice. To explore the options for exporting rice to China, interested parties can visit the websites of reputable rice exporters and suppliers in Pakistan, such as Has Rice (https://www.hasrice.com) and Pakistan Rice (https://www.pakistanrice.com).
As Pakistan’s economy continues to grow, it is essential to tap into new markets and diversify export opportunities. The government, along with various organizations and associations, should support and promote local businesses, particularly rice suppliers, rice mills, and rice exporters in Pakistan. These efforts will not only benefit the overall economy but also create employment opportunities and improve livelihoods.
To stay updated on the latest news and developments in Pakistan’s trade sector, readers are encouraged to follow reputable news sources such as The Express Tribune (source: https://tribune.com.pk).
Source: [https://tribune.com.pk]
