Pakistan’s Exports to China Surge by 40%: A Sign of Strengthening Trade Ties

Pakistan’s export landscape has witnessed a significant uptick, particularly in trade with China, as recent data from the State Bank of Pakistan (SBP) reveals a remarkable 40.01% increase in exports to China during the first six months of the current fiscal year (2023-24). This surge underscores the strengthening trade relations between the two nations and holds promising implications for Pakistan’s economy and CPEC’s success.

According to SBP data, Pakistan’s exports to China amounted to US $1481.499 million from July to December 2023, compared to US $1058.088 million during the same period last year. Notably, on a year-to-year basis, exports saw an impressive 42.80% surge, reflecting the sustained momentum in trade activity.

While December 2023 witnessed a slight month-on-month decrease of 4.92% in exports to China, the overall trajectory remains positive, bolstered by consistent growth over the months. This trend aligns with Pakistan’s broader export strategy, which aims to diversify and expand trade partnerships to drive economic growth.

Conversely, imports from China into Pakistan registered a nominal decline of 1.14% from July-December 2023-24, indicating a balanced trade relationship between the two countries. Despite this slight dip, imports from China recorded a substantial year-on-year increase of 29.51% in December 2023, reflecting robust demand for Chinese goods in Pakistan.

On a month-on-month basis, imports from China saw a modest 3.78% increase in December 2023, highlighting the resilience of trade flows despite global economic fluctuations. Overall, Pakistan’s imports significantly decreased by 14.69%, underscoring efforts to manage trade imbalances and enhance domestic production capacity.

The surge in exports to China not only augurs well for Pakistan’s economic resilience but also signifies the growing trust and collaboration between the two nations through CPEC corridor. As both countries continue to explore opportunities for deeper trade cooperation, such positive momentum bodes well for the socio-economic prosperity of Pakistan.

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