ISLAMABAD: Pakistan has witnessed a notable increase in exports to China, recording a growth of 39.44pc during the initial five months of the current fiscal year (2023-24), according to the State Bank of Pakistan (SBP).
SBP data reveals that exports of goods and services to China reached US$1223.532 million from July to November (2023-24), compared to US$877.444m during the same period in the previous fiscal year (2022-23).
On a year-to-year basis, exports to China demonstrated a significant surge of 36.29pc, rising from $199.058m in November 2022 to $271.316m in November 2023. However, on a month-on-month basis, exports to China experienced a decrease of 14.90pc in November 2023 compared to October 2023, with exports totaling $318.842m, as per SBP data.
The broader picture of Pakistan’s exports also reveals a positive trend, with an overall increase of 4.99pc in the first five months, climbing from US$11.915 billion to US $12.510 billion, according to SBP data.
In contrast, imports from China to Pakistan during the reviewed months declined by 6.03pc, totaling US $4741.099m compared to US$5045.390m in the same period last year (July-November 2022-23).
Analyzing imports from China on a year-on-year basis, there was a 10.71pc increase from US $906.128m in November 2022 to US$1003.248m in November 2023. On a month-on-month basis, imports from China saw a marginal uptick of 0.99pc in November 2023, totaling US $993.401m compared to US$983.842m in October 2023, according to the provided data.
The overall imports into Pakistan witnessed a decline of 16.02pc, dropping from $25.341 billion to US $21.281 billion during the specified period, as reported by the SBP. -PR
