Pakistan records more than 5% increase in exports to China

WEB DESK: In the initial two months of the fiscal year 2023-24, Pakistan experienced a considerable surge in its exports to China, according to the State Bank of Pakistan (SBP).

The data from the central bank indicates a 5.16 per cent rise in exports, totaling US $350.297 million during July-August (2023-24), in comparison to US $333.077 million during the corresponding period in the previous fiscal year (2022-23).

This surge in exports represents a positive trend, with year-to-year comparisons indicating a remarkable increase of 25.09 per cent, rising from $159.021 million in August 2022 to $198.932 million in August 2023.

Furthermore, on a month-on-month basis, exports to China saw a substantial increase of 31.42 per cent in August 2023, standing at $198.932 million, compared to $151.365 million in July 2023.

Conversely, Pakistan’s overall exports to other nations experienced a decline of 8.26 per cent in the first two months of this fiscal year, decreasing from US $4.951 billion to US $4.541 billion, as per SBP data.

Read more: Electricity tariff increased by Rs4.45 per unit for Karachi residents

Additionally, Pakistan observed a significant decline in imports from China during the same period. Imports from China were recorded at US $1861.702 million in July-August (2023-24), indicating a substantial decrease of 21.68 per cent compared to US $2377.070 million in the previous fiscal year.

Year-on-year data also reveals a decline of 28.17 per cent in imports from China, dropping from US $1251.219 million in August 2022 to US $898.722 million in August 2023.

Moreover, on a month-on-month basis, imports from China decreased by 6.67 per cent in August 2023, standing at US $898.722 million compared to US $962.980 million in July 2023.