Pakistan’s Exports to China Reach $1.3 Billion, Establishing Impressive Growth
Published on: December 18, 2023.
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During the first five months of the fiscal year 2023-24, Pakistan has seen a remarkable surge of 72.78% in exports to China compared to the same period last year, according to the Trade Development Authority of Pakistan. This significant growth is attributed to the China-Pakistan Free Trade Agreement and favorable prices in the Chinese market.
In July-November of the fiscal year 2023-24, Pakistan recorded $1.31 billion in exports to China, a significant increase from $756.98 million during the same period last year. Rice exports to China have played a crucial role in driving this export growth, with Pakistan exporting rice worth $1.4 billion to various countries, including China.
Pakistani rice, including wholly milled and broken rice, has become popular in the Chinese market. In 2022, Pakistan exported rice worth over $455 million to China, and this year, exporters are aiming for an even greater share of the Chinese market.
Apart from rice, Pakistan has also experienced an increase in cotton yarn and refined copper exports. Cotton yarn exports saw a 49.77% increase, reaching $480.01 million, while refined copper exports surged by 49.89% to $300.56 million. These commodities have largely been exported to China, thanks to the China-Pakistan Free Trade Agreement and attractive prices in the Chinese market.
Sesame seed exports to China have also seen substantial growth, with over 80% of Pakistan’s sesame seed exports going to China. The China-Pakistan Free Trade Agreement and favorable prices have contributed to this upward trend. In the first quarter of the fiscal year 2023-24, Pakistan’s sesame seed exports to China reached $148 million, showing a quarter-on-quarter growth of 405.8%.
Meat exports, another important sector for Pakistan, have increased by 25% to $427 million in the last fiscal year. In the first quarter of the fiscal year 2023-24, meat and by-product exports increased by $20 million to $113 million. The approval from the General Administration of Customs of the People’s Republic of China for exporting cooked/heat-treated frozen beef to China presents significant opportunities for Pakistan in the high-demand Chinese market.
Pakistan’s handmade carpet manufacturing sector has faced challenges in exports, such as increased freight fares and tax duties. However, the inclusion of hand-knotted carpets in the China-Pakistan Free Trade Agreement offers new opportunities for Pakistani carpet exporters. The duty-free access to China is expected to boost exports in this sector.
Source: [DNA](https://islamabadpost.com.pk)
