Friday, May 24, 2024

Pakistan’s Export of Goods and Services to China up by 42.02% in Eight Months

Pakistan’s export of goods and services to China witnessed an increase of 42.02% during the first eight months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) announced recently.

The overall exports to China were recorded at USD 1.896 billion during July-February (2023-24) against exports of USD 1.335 billion during July-February (2022-23), SBP data revealed in an official statement.

On a year-to-year basis, exports to China also surged by 20.60% from USD 140.166 million in February 2023, against the exports of USD 169.041 million in February 2024.

Meanwhile, on a month-on-month basis, exports to China decreased by 31.05% during February 2024 as compared to the exports of USD 245.169 million in January 2024, the SBP data revealed.

Overall Pakistan’s exports to other countries witnessed an increase of 10.15% in the first eight months, from USD 18.643 billion to USD 20.537 billion, the SBP data revealed.

On the other hand, imports from China into the country during the months under review were recorded at USD 8.105 billion against USD 7.065 billion last year, showing an increase of 14.72% in July-February (2023-24).

On a year-on-year basis, imports from China witnessed an increase of 90.63% from USD 601.189 million in February 2023, against the imports of USD 1.146 billion in February 2024.

On a month-on-month basis,  imports from China into the country however witnessed nominal decline of 2.65% during February 2024, as compared to the imports of USD 1.177 billion during January 2024, according to the data.

The overall imports into the country witnessed a decrease of 8.76%, from USD 37.354 billion to USD 34.079 billion, according to the data.

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