45 potential products identified for exports under CPEC
LAHORE: An exploratory study conducted by the Small and Medium Enterprises Development Authority (SMEDA) has identified 45 high-potential products to explore the export opportunities under China-Pakistan Economic Corridor (CPEC).
According to the study, 13 items out of the 45 products, fall in the category of High Value Exports (HVE), 15 in Medium Value Exports (MVE) and 17 in the Low Value Exports (LVE) category.
The 13 products of HVE category include meat, fish, mangoes, chromium ores and concentrates, medical instruments, marble, footwear, rice, milk and cream, granulated sugar, denim, ethyl alcohol and footballs. Similarly, the 15 products categorised as MVE include maize, milk and cream solids, bananas, leather handbags, plastic/ textile material handbags, polyethylene terephthalate, sweet biscuits, modified polystyrene, safety razor blades, frozen orange juice, natural honey, frozen fish, frozen edible Bovine offal, butter milk, butcher Knives and hunting Knives.
Whereas the list of 17 products categorised as the LVE include bran, articles of leather, paints and varnishes, articles of stone, folding cartons and boxes, coats and jackets, hydrochloric acid, tools for masons/ watchmakers/ miners, crates and similar articles of plastic, ballpoint pens, vegetable products, fruit seeds for sowing, articles of wood, clover seeds for sowing, shelled almonds, hide and skin of goats and crabs.
Commenting on the study, Sher Ayub Khan, the Chief Executive Officer of the SMEDA, said that the given trade potential had been identified by adopting a three-pronged approach which included detailed analysis of Pakistan's trade with China, focus group discussions and stakeholders input in terms of a short survey.
He hoped that outcome of the study would help the business community of Pakistan especially SMEs to strengthen economic integration with the world's largest trading nation, China.
The CEO SMEDA informed that during the past few years, Pakistan's imports from China had increased disproportionately compared to Pakistan's exports to China. He said that China imported a total of 5,578 types of products from around the world in 2015. Therefore, Pakistan can easily increase its exports to China through mutual understanding and consent.
Sher Ayub said and envisaged that Pakistan's global trade share, under CPEC, would increase to an optimal level. But, we will have to adopt an approach which can lead to a reduction in the prevalent trade deficit, he added.
He maintained that a good starting point in this regard had been set by the SMEDA through study of the export supply capacity and import demand ability of the country by identifying products line and trends.