Islamabad: State Bank of Pakistan (SBP) has announced that during the first three months of the current fiscal year (2023-24), Pakistan’s exports of goods and services to China have shown a significant increase of 26.42%.
The data indicates a growth of 26.42% in exports to China, with total exports amounting to US $633.374 million during July-September (2023-24), compared to US $501.000 million in the corresponding period of the previous year (2022-23).
On a year-to-year basis, exports to China have surged by 68.57%, increasing from $167.923 million in September 2022 to $283.077 million in September 2023. Furthermore, on a month-on-month basis, exports to China rose by 42.29% during September 2023 compared to August 2023.
In contrast, Pakistan’s overall exports to other countries experienced a decrease of 4.96% in the first three months, declining from US $7.385 billion to US $7.018 billion, the SBP data showed.
Conversely, imports from China into Pakistan during the same period registered at US $2744.241 million, which is a 15.11% decline from the previous year when imports were at US $3233.046 million in July-September (2023-24).
On a year-on-year basis, imports from China showed a slight increase of 2.92%, rising from US $855.975 million in September 2022 to US $880.972 million in September 2023. On a month-on-month basis, imports from China decreased by 2.14% in September 2023 compared to August 2023.
Overall, Pakistan’s imports into the country decreased by 23.81%, dropping from US $16.355 billion to US $12.460 billion, according to the SBP.