Pakistan’s exports to China increase by 5.16pc

ISLAMABAD: Pakistan’s export of goods and services to China witnessed an increase of 5.16 percent 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.

According to the data released by central bank, the overall exports to China were recorded at US $350.297 million during July-August (2023-24) against exports of US $333.077 million during July-August (2022-23), showing growth of 5.16 percent.

On a year-to-year basis, the exports to China also surged by 25.09 percent from $159.021 million in August 2022, against the exports of $198.932 million in August 2023.

Meanwhile, on a month-on-month basis, the exports to China rose by 31.42 percent during August 2023 as compared to the exports of $151.365 million in July 2023, the SBP data revealed.

Overall Pakistan’s exports to other countries witnessed a decrease of 8.26 percent in the first two months, from US $ 4.951 billion to US $ 4.541 billion, the SBP data revealed.

On the other hand, the imports from China into the country during the months under review were recorded at US $ 1861.702 million against US $2377.070 million last year, showing a decline of 21.68 percent in July-August (2023-24).

On a year-on-year basis, the imports for China also witnessed a decrease of 28.17 percent from US $1251.219 million in August 2022, against the imports of US $898.722 million in August 2023.

On a month-on-month basis, the imports from China into the country dipped by 6.67 percent during August 2023, as compared to the imports of US $962.980 million during July 2023, according to the data.

The overall imports into the country witnessed a decrease of 26.01 percent, from $11.474 billion to US $ 8.489 billion, according to the data.