Pakistan’s exports to China have registered an 11 per cent increase in the first half of this year and with this momentum it is likely to reach $4 billion by the end of this year.
Pakistan exported products to China worth $1.918 billion in the first half of the ongoing year, up 10.97 per cent from $1.728 billion in the same period of the previous year, which continues to increase on yearly basis, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).
According to the State Bank of Pakistan (SBP), Pakistan exported goods worth $2.78 billion during the fiscal year 2021-22 against the exports of $2.04 billion during the fiscal year 2020-21, showing an increase of 36.08 per cent.
According to sources, despite the epidemic of COVID-19, bilateral trade between Pakistan and China has increased significantly.
In the first half of 2022, the total volume of trade between China and Pakistan increased nearly 15 per cent amounting to $14.39 billion as compared with the same period in 2021 which was $12.55 billion due to COVID-19.
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Compared with data for the first half of 2021, this year Pakistan’s exports to China in January increased by 17.80 per cent amounting to $382.22 million; in February it was up by nearly 30 per cent crossing $287.65 million; in March it increased 7.23 per cent amounting to $367.71 million.
COVID-19 impacted Pakistan’s exports in April causing a decrease of 21.15 per cent standing at $283.53 million; in May it increased by nearly 3 per cent reaching $280.97 million while in June it increased by nearly 54 per cent crossing $316.36 million.
An economic expert said that China has opened up its market for Pakistani goods. The two countries can benefit from long-term relationships and Pakistani traders can export more goods to China which is the second largest economy in the world.
Pakistan can become a food basket for China because the Chinese market is huge and has the good buying power, therefore Pakistan should take advantage of its good relationship and China can help relocate its industries and technologies to Pakistan to increase its exports to China and around the globe, he added.