Pakistan’s exports to China jump over 5% in first two months of FY24: SBP

Pakistan’s exports to China witnessed an increase of 5.16% during the first two months of the current fiscal year 2023-24 as compared to the exports of the corresponding period of last year, according to the latest data shared by the State Bank of Pakistan (SBP) on Friday.

According to the latest data shared by the central bank, the overall exports to China were recorded at $350.297 million during July-August (2023-24) against exports of $333.077 million during the same months in 2022-23, showing growth of 5.16%.

On a year-to-year basis, the exports to China also surged by 25.09% from $159.021 million in August 2022, against the exports of $198.932 million in August 2023, APP reported.

Meanwhile, on a month-on-month basis, the exports to China rose by 31.42% during August 2023 as compared to the exports of $151.365 million in July 2023, the SBP data revealed.

However, overall Pakistan’s exports to other countries witnessed a decrease of 8.26% in the first two months, from $4.951 billion to $4.541 billion, as per the data.

On the other hand, the imports from China into the country during the months under review were recorded at $1861.702 million against $2377.070 million last year, showing a decline of 21.68% in July-August (2023-24). On a year-on-year basis, the imports for China also witnessed a decrease of 28.17% from $1251.219 million in August 2022, against the imports of $898.722 million in August 2023.

On a month-on-month basis, the imports from China into the country dipped by 6.67% during August 2023, as compared to the imports of $962.980 million during July 2023, according to the data. The overall imports into the country witnessed a decrease of 26.01%, from $11.474 billion to $8.489 billion, according to the SBP data.