BEIJING: Pakistan’s exports to China increased by 11% in the first half of 2022, and with this momentum it is likely to reach $4 billion by the end of this year.
In the first half of this year, exports to the neighboring country increased by 10.97% from 1.728 billion dollars in the same period to the previous year and exceeded 1.918 billion dollars.
According to the official data of the General Administration of Customs of the People’s Republic of China (GACC), it continues to increase on an annual basis.
According to the State Bank of Pakistan (SBP), the country exported $2.78 billion worth of goods in the 12 months of the 2021-22 fiscal year, an increase of 36.08% against $2.04 billion in exports in the same year.
According to sources, bilateral trade has increased significantly despite the COVID-19 outbreak.
In the first half of this year, the total trade volume between China and Pakistan reached $14.39 billion, up nearly 15% compared to the same period, which was $12.55 billion in 2021 due to COVID-19.
Compared to data for the first half of 2021, Pakistan’s exports to China this year increased 17.80% in January to $382.22 million; It rose almost 30% in February to surpass $287.65 million; In March, it increased 7.23% to $367.71 million; however, COVID-19 affected Pakistan’s exports in April, down 21.15% to $283.53 million; however, in May it increased approximately 3% to $280.97 million, while in June the increase increased by approximately 54% to exceed $316.36 million.
One economist said, “China has opened up the market for Pakistani goods. The two countries can benefit from long-term relations and Pakistani traders can export more goods to China, the world’s second largest economy.”
“Pakistan can become a food basket for China as the Chinese market is huge and has good purchasing power, so Pakistan should benefit from its good relations and China can help its industries and technologies to move to Pakistan, which is a good deal for China. It can become a food basket, increasing exports not only to China, but also to the world.
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