Pakistan’s exports to China surged by 66.4 percent

Tahir Ali

ISLAMABAD: Pakistan’s exports to China have seen a remarkable surge, reaching US$1.5458 billion in July-December FY-2023-24.

This marks a substantial 66.4% increase compared to the same period in the previous fiscal year, according to the latest report from the Trade Development Authority of Pakistan (TDAP).

The notable rise from US$929 million in July-December FY 2022-23 to the current figure signals a significant boost in trade between Pakistan and China, indicating a clear upward trend.

This financial shift underscores the strengthening economic ties and potential opportunities within the Sino-Pakistan trade relationship.

Similarly, Pakistan’s exports to China recorded a notable increase in December FY 2023-24, reaching US$237.9 million, reflecting a 38.3% growth compared to the corresponding month in FY 2022-23.

During the first six months of FY 2023-24, positive export growth was observed not only with China but also with other countries, including the United Kingdom, the Kingdom of Saudi Arabia, Malaysia, Indonesia, Vietnam, Poland, Sri Lanka, Turkey, Phosphines, Denmark, and Tanzania.

Breaking down sector-wise exports from July to December 2023-24, Agro & Food accounted for US$3.8771 billion, marking a robust 39.2% surge from the same period in the previous fiscal year. Other manufacturing products recorded exports of $1.1491 billion, while Precious and non-precious metals and gems reached $571.3 million, and mineral and petroleum stood at $414.1 million.

In the first six months of FY 2023-24, Pakistan’s rice exports amounted to $1.6446 billion, reflecting a significant 69% increase compared to the corresponding period in the previous financial year. Additionally, during this timeframe, cotton yarn exports reached $572.5 million, showing a notable 54.1% increase, while exports of refined copper and copper alloys stood at $375.7 million, marking a 46.9% uptick. Furthermore, maize or corn exports recorded an impressive 130.8% increase, reaching $262.5 million.

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