ISLAMABAD: During the initial five months of the current fiscal year (2023-24), Pakistan experienced a substantial surge in its exports of goods and services to China, witnessing a remarkable increase of 39.44%.
According to the State Bank of Pakistan (SBP), the total exports to China amounted to US $1223.532 million from July to November (2023-24), a notable rise from the US $877.444 million recorded during the corresponding period in the previous year.
Analyzing the year-to-year data, exports to China exhibited a significant uptick of 36.29%, reaching $271.316 million in November 2023 compared to $199.058 million in November 2022.
However, on a month-on-month basis, exports to China experienced a slight decline of 14.90% in November 2023 compared to October 2023, as per SBP data.
In contrast, Pakistan’s overall exports to other countries demonstrated a positive trend, increasing by 4.99% in the first five months, reaching US $12.510 billion from US $11.915 billion, as per SBP data.
On the import side, the inflow of goods from China to Pakistan witnessed a decline of 6.03% during July-November (2023-24), totaling US $4741.099 million compared to US $5045.390 million in the corresponding period last year.
However, on a year-on-year basis, imports from China grew by 10.71%, rising from US $906.128 million in November 2022 to US $1003.248 million in November 2023.
On a month-on-month basis, imports from China experienced a marginal increase of 0.99% in November 2023 compared to October 2023.
Overall, Pakistan’s imports exhibited a decrease of 16.02%, declining from US $25.341 billion to US $21.281 billion, according to the SBP data. —APP
