Web Desk (LTN NEWS): Official data from the General Administration of Customs of the People’s Republic of China shows that Pakistan’s exports to China reached $2.190 billion in the first seven months of this year. This is an increase of 11.14 percent from the same time last year (GACC).
Ghulam Qadir, the Commercial Counsellor at the Pakistani Embassy in China, told China Economic Net that Pakistan’s exports to China went up in July, even though trade with other countries went down. This shows that the government is working to improve trade between the two countries.
“The fact that Pakistan’s exports to China are growing is a very good sign. Pakistan’s government wants to get the most out of its exports by adding value, using digital marketing, making investments that help exports, and encouraging businesses in both countries to make Pakistan an important part of China’s supply chain,” Qadir said.
According to data from GACC, Pakistan’s exports to China rose by almost 13 percent from the same month last year to $272.92 million in July. In the same month last year, Pakistan’s exports to China were worth $242.30 million.
Overall, from January to July 2022, China bought $16.73 billion worth of goods and sold $12.76 billion worth of goods to Pakistan. This was an increase of 13.51 percent from the same period the year before. This was true even though the monsoon, floods, and COVID-19 affected Pakistan’s exports to other countries in FY2022.
According to the Pakistan Bureau of Statistics, Pakistan’s exports dropped by about 3% compared to the same month last year. The main reasons are the monsoon, floods, and COVID-19, with cotton yarn, copper, and chromium seeing the biggest drops.
The Pakistan Bureau of Statistics (PBS) also said that Pakistan’s imports dropped by about 10% compared to the same month last year. There were a big drop in machinery (-$178 million), fertilizers (-$79 million), and chemicals (-$60 million).
Iron and steel (-$77 million), electrical equipment (-$76 million), SKD/CKD kits for cars (-$75 million), coal (-$56.5 million), ships (-$39 million), rape seeds (-$56 million), fruits and vegetables (-$28 million), and COVID-19 vaccines (-$167 million).
In July, the total amount of trade between China and Pakistan was $2.35 billion. In July of 2021, the same month, the total amount of trade was $2.18 billion.
Exports of rice, sesame seeds, pine nuts, seafood, and other agricultural goods to China went up, which helped Pakistan’s economy get better.
