During the initial two months of the current fiscal year (2023–24),Pakistan witnessed a significant 5.16% increase in its exports of goods andservices to China, compared to the corresponding period in the previousyear. According to data from the State Bank of Pakistan (SBP), Pakistan’stotal exports to China in July and August 2023 amounted to US $350.297million, marking a noteworthy rise from the US $333.077 million recordedduring the same months in 2022–2023, translating to a growth rate of 5.16%.
On a year-on-year basis, exports to China surged by 25.09%, escalating from$159.021 million in August 2022 to $198.932 million in August 2023.Furthermore, when examining monthly data, exports to China exhibited asubstantial increase, soaring by 31.42% in August 2023 when compared to the$151.365 million reported in July 2023, according to SBP statistics.
The data also revealed that Pakistan’s total exports to other nationsdecreased from $4.951 billion to $4.541 billion during the initial twomonths of the fiscal year, reflecting an 8.26% decline.
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-Similarly, imports from China into Pakistan witnessed a decrease duringthe same period, with China’s imports in July and August 2023 amounting toUS $1,861.702 million, marking a 21.68% decrease from the US $2,377.070million recorded in the corresponding months of the previous year.