Pakistan’s exports to China soar with nearly 80% YoY growth

WEB DESK: Pakistan’s exports of goods and services to China experienced a notable surge, marking a significant increase of 40.36 per cent during the initial four months of the ongoing fiscal year (2023–24).

According to the State Bank of Pakistan (SBP), the total exports to China reached US $952.216 million from July to October (2023–24), showcasing substantial growth compared to the US $678.386 million recorded in the same period the previous fiscal year (2022–23).

Analysing the data on a year-to-year basis reveals a remarkable surge of 79.74 per cent in exports to China, with figures rising from $177.386 million in October 2022 to $318.842 million in October 2023.

Additionally, on a month-on-month basis, October 2023 witnessed a 12.63 per cent increase in exports to China when compared to September 2023, according to SBP data.

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Shifting focus to Pakistan’s overall exports to other nations, the SBP data highlights a modest increase of 1.13 per cent in the initial four months, climbing from US $9.666 billion to US $9.776 billion.

Contrastingly, imports from China into Pakistan during the same period recorded a decline of 10.74 per cent, totaling US $3737.818 million compared to US $4139.263 million in the previous year (July–October 2022-23).

Examining year-on-year statistics for imports from China reveals a 9.61 per cent increase, rising from US $906.217 million in October 2022 to US $993.367 million in October 2023.

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