Wednesday, May 29, 2024

Pakistan’s Exports to China Increase by 5.16% in 2 Months

Pakistan’s export of goods and services to China witnessed an increase of 5.16 % during the first two 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) reported.

The overall exports to China were recorded at $350.297 million during July-August (2023-24) against exports of $333.077 million during July-August (2022-23), showing growth of 5.16 per cent, SBP data revealed.

Pak-China signed a Free Trade Agreement (FTA) in 2006 which provided Pakistan’s market access at zero duty on industrial alcohol, cotton fabrics, home textiles, marble, leather, sports goods, fruits, iron, steel and other engineering goods.

• China also reduced its tariff by 50% on fish, dairy sector, plastic products, knitwear and woven garments.

• More than 50% of Pakistan’s exports are generated from USA and EU region. On the other hand, China contributes 9% to Pakistan’s total exports. The textile sector contributes more than 50% of Pakistan’s total exports.

• Pakistan’s exports to China are driven largely by Cotton Yarn and Rice which contributed 24% and 17% of total exports to China, respectively.

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