Tuesday, June 25, 2024

Pakistani Exports to China Grow by 37.68% in 10 Months

Pakistan’s export of goods and services to China saw a significant rise of 37.68 percent during the first ten months of the current fiscal year (2023-24) compared to the same period last year, according to the State Bank of Pakistan (SBP).

The SBP reported that from July to April of the 2023-24 fiscal year, Pakistan’s exports to China reached $2.341 billion. This was a notable increase from the $1.700 billion recorded during the same period in the 2022-23 fiscal year.

Year-on-year, the exports to China also grew, rising by 13.56 percent. Specifically, in April 2024, exports were $199.352 million, up from $175.542 million in April 2023. However, when comparing month-to-month figures, there was a decrease. In April 2024, exports to China dropped by 18.97 percent compared to $246.030 million in March 2024.

In addition to the increase in exports to China, Pakistan’s overall exports to other countries also improved. There was a 10.64 percent increase in total exports over the first ten months of the fiscal year, growing from $23.199 billion to $25.669 billion, according to the SBP.

On the import side, Pakistan’s imports from China also saw a rise. From July to April in the 2023-24 fiscal year, imports from China were $10.648 billion, marking an increase of 27.61 percent compared to the $8.343 billion imported during the same period the previous year.

However, the overall imports into Pakistan from all countries decreased by 5.27 percent during the same ten-month period. Imports dropped from $45.766 billion in the first ten months of the 2022-23 fiscal year to $43.353 billion in the 2023-24 fiscal year.

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