Pakistan, China trade up by 12pc

Islamabad:Pakistan’s export to China crossed $2.190 billion in the first seven months this year, up 11.14 per cent year-on-year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).

Ghulam Qadir, Commercial Counsellor at the Pakistani Embassy in China, told China Economic Net that Pakistan’s exports to China increased even when trade decreased with other countries in the month of July, showing the commitment of the government to enhance bilateral trade.

“It is very promising that Pakistan’s exports to China are growing. The Government of Pakistan is keen to harness the real potential of exports through value addition, digital marketing, export-oriented investments, and encouraging enterprises from both countries to make Pakistan an integral part of China’s supply chain”, Qadir added.

According to data from GACC, in the month of July, Pakistan’s exports to China increased nearly 13 per cent year-on-year to $272.92 million, whereas in the same month last year, it was $242.30 million.

Overall, from January-July 2022, China’s imports from and exports to Pakistan counted $16.73 billion, up 13.51 per cent year-on-year, while in the same period in 2021, it was $12.76 billion irrespective of monsoon, flood, and Covid-19 which impacted Pakistan’s exports to other countries in FY2022.

According to the Pakistan Bureau of Statistics, Pakistan’s exports declined by around 3 per cent y-o-y in July and the major reasons are monsoon, flood and Covid-19, with the major decline noted in cotton yarn, copper, and Chromium.

Pakistan Bureau of Statistics (PBS) further stated that Pakistan’s imports declined by around 10 per cent y-o-y in July. Major decline was noted in machinery (-$178 million), fertilizers (-$79 million), iron & steel (-$77 million), electrical equipment (-$76 million), SKD/CKD kits for cars (-$75 million), coal (-$56.5 million), vessels (-$39 million), rape seeds (-$56 million), fruits and vegetables (-28 million) and Covid-19 vaccines (-$167 million).

The total volume of trade between China and Pakistan increased by nearly 8 per cent in the month of July to $2.35 billion as compared to 2021 in the same month which was $2.18 billion.The exports of major products to China increased in rice, sesame seeds, pine nuts, seafood, and other agricultural, which has promoted Pakistan’s economic recovery.