Pakistan’s exports to China register increase in FY 2022
Pakistan’s exports to China crossed $2.190 billion in the first seven months of 2022, up 11.14 percent on a year-on-year basis, *APP* reported on Tuesday, citing data from the General Administration of Customs of the People’s Republic of China (GACC).
Ghulam Qadir, Commercial Counsellor at the Pakistani Embassy in China, told China Economic Net that Pakistan’s exports to China increased even when trade decreased with other countries in the month of July. Qadir said that the increase shows the commitment of the government to enhancing bilateral trade.
“It is very promising that Pakistan’s exports to China are growing. The Government of Pakistan is keen to harness the real potential of exports through value addition, digital marketing, export-oriented investments, and encouraging enterprises from both countries to make Pakistan an integral part of China’s supply chain”, Qadir added.
According to data from GACC, in the month of July, Pakistan’s exports to China increased nearly 13 percent on a year-on-year basis to $272.92 million, whereas in the same month last year, it was $242.30 million.
Overall, from January-July 2022, China’s imports from and exports to Pakistan counted $16.73 billion, up 13.51% on a year-on-year basis while in the same period in 2021, it was $12.76 billion irrespective of monsoon, flood, and COVID-19 which impacted Pakistan’s exports to other countries in FY2022.
According to the Pakistan Bureau of Statistics (PBS), Pakistan’s exports declined by around 3 percent on a year-on-year basis in July and the major reasons are monsoon, flood, and COVID-19, with the major decline noted in cotton yarn, copper, and Chromium.
The PBS further stated that Pakistan’s imports declined by around 10 percent on a year-on-year basis in July. A major decline was noted in machinery (-$178 million), Fertilizers (-$79 million), Iron and Steel (-$77 million), electrical equipment (-$76 million), SKD/CKD kits for cars (-$75 million), Coal (-$56.5 million), vessels (-$39 million), rape seeds (-$56 million), fruits and vegetables (-28 million) and COVID-19 Vaccines (-$167 million).
The total volume of trade between China and Pakistan increased by nearly 8 percent in the month of July to $2.35 billion as compared to 2021 in the same month which was $2.18 billion.
The exports of major products to China increased in rice, sesame seeds, pine nuts, seafood, and other agricultural products.