Thursday, July 25, 2024

Pakistan’s Exports to China surged by 81.6% in August

In the second month of the fiscal year 2023-24, Pakistan’s exports to China have demonstrated a promising trend, marking a remarkable surge. During the month of August, exports to China soared by an impressive 81.6% compared to the same period in the previous fiscal year.

According to the latest report of the Trade Development Authority of Pakistan (TDAP), in August of the current fiscal year 2023-24, Pakistan’s exports to China reached the figure of $ 211 million. This represents an 81.6% increase compared to the exports recorded in the same period of the previous fiscal year, which stood at $ 116.2 million in FY 2022-23.

As per the report, in August 2023, Pakistan’s exports to United Kingdom reached $ 190 million, exports to the Netherlands stood at $ 130.7 million, Afghanistan received exports worth $ 76.4 million from Pakistan, KSA imported goods valued at $ 51.8 million, Vietnam’s imports from Pakistan totaled $ 38.7 million, exports to Poland amounted to $ 37.2 million, Malaysia received exports worth $ 32.5 million and Turkey imported goods worth $ 30.1 million from Pakistan.

For the second consecutive month in FY 2023-24, Pakistan’s exports to China maintain positive growth. In July 2023, the country’s exports to China increased by 35.1% compared to the same month of the previous financial year.

During August 2023, Pakistan’s exports to different destinations of the world stood at $ 2363 million which is 14.27% less than the exports of the country in correspondent month last year. In the same month, Pakistan’s imports were recorded at $4,489 million, resulting in a trade deficit of -$2,126 million.

In August, Pakistan’s top export products included linen products valued at $364.6 million, followed by cotton yarn at $103.7 million and copper products at $57.5 million.

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