According to the State Bank of Pakistan (SBP), Pakistan’s exports of goods and services to China have shown a notable increase of 5.16% in the first two months of the current fiscal year (2023-24) when compared to the same period last year. Specifically, exports to China during July-August (2023-24) reached $350.297 million, compared to $333.077 million in July-August (2022-23), reflecting this growth.
Furthermore, on a year-to-year basis, exports to China increased by 25.09%, rising from $159.021 million in August 2022 to $198.932 million in August 2023. In a month-on-month comparison, exports to China surged by 31.42% in August 2023, compared to $151.365 million in July 2023.
Conversely, Pakistan’s overall exports to other countries experienced an 8.26% decrease in the first two months, dropping from $4.951 billion to $4.541 billion.
Regarding imports from China, there was a noticeable decline of 21.68% during July-August (2023-24), with imports totaling $1861.702 million compared to $2377.070 million in the same period the previous year. Year-on-year, imports from China also decreased by 28.17%, going from $1251.219 million in August 2022 to $898.722 million in August 2023. On a month-on-month basis, imports from China declined by 6.67% in August 2023 compared to July 2023.
Overall, Pakistan’s imports from all sources saw a significant decrease of 26.01%, declining from $11.474 billion to $8.489 billion.
