Pakistan's exports of goods and services to China exhibited remarkable growth, with a 5.16% increase in the first two months of the fiscal year 2023–24 compared to the same period in the previous year.
Data from the State Bank of Pakistan (SBP) reveals that Pakistan's total exports to China reached US $350.297 million in July and August 2023, marking a substantial rise from the US $333.077 million recorded during the corresponding months in 2022–2023, reflecting a growth rate of 5.16%.
Furthermore, exports to China saw a year-on-year surge of 25.09%, escalating from $159.021 million in August 2022 to $198.932 million in August 2023. On a monthly basis, exports to China experienced a significant 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 highlights a decrease in Pakistan's overall exports to other nations during the initial two months of the fiscal year, declining by 8.26% from $4.951 billion to $4.541 billion. Simultaneously, imports from China into Pakistan decreased during the same timeframe.
China's imports in July and August 2023 amounted to US $1,861.702 million, marking a 21.68% decrease from the US $2,377.070 million recorded in the corresponding months of the previous year. Notably, Chinese imports witnessed a year-over-year decline of 28.17% in August 2023, falling from $1,251.219 million in August 2022 to $898.722 million in US dollars.
On a monthly basis, imports from China in August 2023 decreased by 6.67% compared to the US $962.980 million reported in July 2023. The data indicates a significant overall decrease in Pakistan's imports from all sources, dropping from US $11.474 billion to US $8.489 billion, reflecting a substantial decrease of 26.01%.