Pakistan aims to make China its top export destination

Islamabad: Pakistan aims to make Iron Brother China its top export destination in the near future, a top government official said.

Federal Minister for Board of Investment (BOI) and Special Initiatives on Chinese and Foreign Direct Investment Chaudhry Salik Hussain maintained that Pakistan was working hard to enhance exports to China.

He mentioned that there was a great scope to improve Pakistan’s exports to China. “We have to make sure the opportunities are not missed. China has a huge population and enormous demand for everything,” he added.

Currently, the United States is the top export destination of Pakistani products followed by China and the United Kingdom (UK).

According to the official data during the ten months of the current fiscal year (2022-23) ending on June 30, the total exports to the US during July-April (2022-23) were recorded at US $ 4990.562 million as opposed the exports of US $ 5618.857 million during July- April (2021-22), showing a decline of 11.18 percent.

The State Bank of Pakistan (SBP) data indicates that the US is followed by China, where Pakistan exported goods worth US $ 1700.955 million compared to the exports of US $ 2342.887 million last year, showing a decrease of 27.39 percent.

UK was the third top export destination, where Pakistan exported goods worth US $ 1643.864 million during the months under review against the exports of US $ 1851.812 million during last year, showing a decline of 11.22 percent, SBP data revealed.

Chaudhry Salik Hussain said China was an ideal destination as it was neighbor, a friend and an honest business partner.

“As Pakistan’s supports, China itself wants Pakistani exports to grow. They welcome everything we export to them,” he remarked.

Pakistan’s cherry has recently been allowed to be exported to China, which amounts to a US $ 2 billion market. The sesame seed export to China has surged by 50 percent on a year-on-year basis to US $59.09 million in Jan-Sept 2022.

Pakistan’s rice exports to China crossed the historical figure of one million tons. Pakistan is finalizing trade protocols for dairy products and meat products. It’s around a US $ 20 billion market.