In the first four months of the fiscal year 2023-24, Pakistan experienced a significant surge in its exports to China, marking a notable economic development. According to the State Bank of Pakistan (SBP), there was an impressive increase of 40.36% in Pakistan’s exports to China during this period, compared to the corresponding months in the previous fiscal year.
The data revealed that from July to October 2023, Pakistan’s exports of goods and services to China reached $952.216 million, reflecting a substantial rise from the $678.386 million recorded in the same period of the previous fiscal year. This remarkable growth continued on a year-to-year basis as well, with exports to China witnessing a notable surge of 79.74% in October 2023, totaling $318.842 million, compared to $177.386 million in October 2022.
Furthermore, on a month-on-month basis, exports to China continued to show positive momentum by increasing by 12.63% in October 2023, reaching $318.842 million compared to $283.077 million in September 2023, as per SBP data.
Meanwhile, Pakistan’s total exports to other countries also experienced a modest increase of 1.13% in the first four months of the fiscal year, reaching $9.776 billion from $9.666 billion.
Conversely, imports from China into Pakistan during the same period witnessed a decline of 10.74%, totaling $3737.818 million compared to $4139.263 million in the previous fiscal year. However, on a year-on-year basis, imports from China increased by 9.61% in October 2023, amounting to $993.367 million, up from $906.217 million in October 2022. Additionally, on a month-on-month basis, imports from China rose by 12.73% in October 2023, reaching $993.367 million compared to $881.182 million in September 2023.
This economic data suggests a strengthening trade relationship between Pakistan and China, with positive implications for both countries’ economies.
