Web Desk (LTN NEWS): Pakistan’s sales to China are expected to hit $4 billion. In the first half of 2022, Pakistan’s exports to China went up by 11%, and at this rate, they are likely to reach $4 billion by the end of the year.
In the first half of this year, exports to the neighboring country went over $1.918 billion. This is up 10.97% from the same time last year when they were worth $1.728 billion.
Official data from the General Administration of Customs of the People’s Republic of China shows that it keeps going up every year (GACC).
The State Bank of Pakistan (SBP) says that the country exported goods worth $2.78 billion during the 12 months of the fiscal year 2021-22. This is 36.08 percent more than the $2.04 billion the country exported during the same year.
Even though COVID-19 is spreading, sources say that trade between the two countries has grown a lot.
Due to COVID-19, the total amount of trade between China and Pakistan went up by about 15% in the first half of this year, to $14.39 billion, from $12.55 billion in the same time last year.
Compared to the first half of 2021, Pakistan’s exports to China went up 17.80% in January to $382.22m, almost 30% in February to $287.65m, and 7.23% in March to $367.71m. However, COVID-19 had an effect on Pakistan’s exports in April, causing a 21.1% drop to $283.53m. However, in May and June, exports went up nearly 3% to $280.97m, and in June, the
“China has opened its market to Pakistani goods,” said an economics expert. Long-term relationships between the two countries can be helpful, and Pakistani traders can sell more goods to China, which has the world’s second-largest economy.
He also said, “Pakistan can become a food basket for China because the Chinese market is big and has good buying power. Pakistan should take advantage of its good relationship with China, and China can help Pakistan move its industries and technologies, which will lead to more exports to China and the rest of the world.”
