Islamabad
The export of goods and services from Pakistan to China experienced a significant surge, increasing by 42.02% during the first eight months of the fiscal year 2023-24 compared to the same period last year, according to State Bank of Pakistan (SBP) data on Tuesday (April 2).
This growth is substantial, reaching $1895.720 million from July to February 2023-24, compared to $1334.804 million in the corresponding period of 2022-23, said the SBP data.
Year-on-year, exports to China also rose by 20.60%, from $140.166 million in February 2023 to $169.041 million in February 2024. However, on a month-on-month basis, exports to China declined by 31.05% in February 2024 compared to January 2024, when they were recorded at $245.169 million.
Meanwhile, Pakistan’s overall exports to other countries also saw a positive trend, increasing by 10.15% in the first eight months of the fiscal year, from US $18.643 billion to $20.537 billion.
On the import side, imports from China into Pakistan rose by 14.72% during July-February 2023-24 compared to the same period last year, reaching US $8105.831 million. Year-on-year, imports from China increased by a significant 90.63% from February 2023 to February 2024. However, on a month-on-month basis, imports from China witnessed a slight decline of 2.65% in February 2024 compared to January 2024, when they were recorded at US $1177.373 million.
Overall imports into Pakistan decreased by 8.76%, from US $37.354 billion to US $34.079 billion, according to the data provided by the SBP.