Good News for Pakistan from China over economic front

Good News for Pakistan from China over economic front

Pakistan’s exports of goods and services to China have witnessed a significant surge, marking a remarkable increase of 40.36 per cent during the initial four months of the ongoing fiscal year (2023–24).

According to data from the State Bank of Pakistan (SBP), the total exports to China reached US $952.216 million from July to October (2023–24), showcasing substantial growth compared to the US $678.386 million recorded in the same period the previous fiscal year (2022–23).

When analyzed on a year-to-year basis, the data reveals an impressive surge of 79.74 per cent in exports to China. The figures rose from $177.386 million in October 2022 to $318.842 million in October 2023.

Furthermore, on a month-on-month basis, October 2023 witnessed a 12.63 per cent increase in exports to China compared to September 2023, according to SBP data.

Shifting focus to Pakistan’s overall exports to other nations, SBP data highlights a modest increase of 1.13 per cent in the initial four months, climbing from US $9.666 billion to US $9.776 billion.

In contrast, imports from China into Pakistan during the same period recorded a decline of 10.74 per cent, totaling US $3737.818 million compared to US $4139.263 million in the previous year (July–October 2022-23).