Pakistan’s exports to China crossed $1.918 billion in the first half (H1) of 2022, up 10.97 per cent from $1.728 billion in the same period of the previous year.
According to the official data from the General Administration of Customs of the People’s Republic of China (GACC), despite the COVID-19 pandemic, Pak-China bilateral trade has increased significantly. The total volume of bilateral trade jumped 15 per cent to $14.39 billion in the first six months of 2022 as compared to $12.55 billion in the same period last year.
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 30 per cent crossing $287.65 million; in March it increased by 7.23 per cent amounting to $367.71 million.
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The 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.
Economic experts say, it clearly signifies that deep-rooted trade and commerce momentum has been generated through China-Pakistan Economic Corridor (CPEC).
It is to be noted that Pakistan is expected to achieve a figure of $32 billion in bilateral trade within the next two-three years and is likely to achieve a figure of $50 billion before 2030.
In the first six months of this year, among the growth of trade in major products between the two countries, Pakistan’s exports of rice, cotton yarn, refined copper products, sesame seeds, pine nuts, textiles, seafood, and other agricultural products have increased year on year, and this has encouraged Pakistan’s economic recovery and increased its exports to China.