Pakistan faces a setback in bilateral trade with China
Pakistan’s share in the bilateral trade with China was squeezed by over 3 percent to just 14 percent during the fiscal year 2021-22 (FY22) as compared to the fiscal year 2020-21 mainly due to the inability of Pakistani exporters to take advantage of available opportunities in the Chinese market.
Sources in the Commerce Ministry told ProPakistani that bilateral trade between Pakistan and China increased by $4 billion to $20.08 billion during the fiscal year 2021-22 as compared to $16.08 billion during the fiscal year 2020-21.
However, the volume of bilateral trade between both countries increased further in favor of China. Pakistan exported different items worth $2.78 billion (13.8 percent) to China during FY22. Whereas China’s exports to Pakistan stood at $17.30 billion (86.1 percent) during the same period.
The bilateral trade between Pakistan and China stood at $16.08 billion in FY21. China’s exports to Pakistan stood at $13.3 billion (82.7 percent) while Pakistan’s export to China stood at $2.78 billion (17.3 percent) during FY21.
It is pertinent to mention here that China’s imports climbed to over $2 trillion in FY22, according to different estimates. Unfortunately, Pakistani exporters were unable to capture even one percent of the total Chinese market, the figures show.