Pakistan’s exports to China crossed $1.918 billion in the first half of current calendar year, up 10.97% from $1.728 billion in the same period of previous year, which continue to increase on a yearly basis, shows official data of the General Administration of Customs of the People’s Republic of China (GACC).
According to sources, despite the Covid-19 pandemic, bilateral trade has increased significantly. In the first half of 2022, the total volume of trade between the two countries increased nearly 15%, amounting to $14.39 billion as compared to the same period in 2021, when it was $12.55 billion.
Compared to data of the first half of 2021, this year Pakistan’s exports to China in January increased 17.80%, amounting to $382.22 million, in February they were up nearly 30%, crossing $287.65 million, and in March they increased 7.23%, amounting to
$367.71 million.
Covid-19 impacted Pakistan’s exports in April, causing a decline of 21.15%, standing at $283.53 million, in May they increased nearly 3%, reaching $280.97 million while in June they increased nearly 54%, crossing $316.36 million.
Juwai IQI Chief Economist Shan Saeed told China Economic Net that increasing exports from Pakistan to China are a good sign for both countries. It clearly signifies that the deep-rooted trade and commerce momentum has been generated through China-Pakistan Economic
Corridor (CPEC).
“China has really opened up the market for Pakistani goods. Both countries can benefit from long-term relationships. Pakistan can export further as China is the second largest economy in the world. Pakistan’s geography is very germane for China and the global macroeconomic landscape,” Saeed added.
He said that Pakistan can become a food basket for China as Chinese market is huge and has good buying power, therefore Pakistan should take advantage of its good relationship with the country and China can help relocate its industries and technologies to Pakistan to increase its exports to China and around the globe.
In the first six months of this year, major products that witnessed trade growth between the two countries include rice, cotton yarn, refined copper products, sesame seeds, pine nuts, textiles, seafood, and other agricultural products. This has encouraged Pakistan’s economic recovery.
THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET
Published in The Express Tribune, July 23rd, 2022.
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