Exports to China increase by 5.16%

Reach $350.297 million in first two months of FY24

ISLAMABAD:

Pakistan’s exports of goods and services to China have increased by 5.16% in the first two months of the fiscal year 2023-24, reaching $350.297 million, compared to $333.077 million in the same period last year. This marks a substantial 25.09% increase yearly as reported by the State Bank of Pakistan.

In August 2023, exports to China reached $198.932 million, a significant increase from $159.021 million in August 2022, showing a remarkable 31.42% monthly growth. In contrast, Pakistan’s overall exports to other countries dropped by 8.26% during the same period, falling from $4.951 billion to $4.541 billion.

On a yearly basis, the growth is even more remarkable, with exports to China registering a remarkable 25.09% increase whereas in August 2022, exports stood at $159.021 million, while in August 2023, they increased to $198.932 million. Pakistan’s exports to China increased by 31.42% in August 2023 compared to July 2023, which totalled $151.365 million. While exports to China are increasing, Pakistan’s overall exports to other countries dropped by 8.26% during the same period, falling from $4.951 billion to $4.541 billion.

Overall, Pakistan’s imports experienced a decline of 26.01%.

Published in The Express Tribune, October 7^th, 2023.

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