Pakistan's Exports to China Surge in Fiscal Year 2023-24

In the first ten months of the current fiscal year 2023-24, Pakistan's exports of goods and services to China have experienced a remarkable growth of 37.68%, as reported by the State Bank of Pakistan (SBP). The total exports to China during this period reached US $2.341 billion, showing a significant increase from US $1.700 billion in the same timeframe of the previous fiscal year.

Year-on-year comparisons also reveal a positive trend, with exports to China rising by 13.56%. In April 2024 alone, exports amounted to $199.352 million, up from $175.542 million in April 2023. However, there was a month-on-month decline in exports to China in April 2024, dropping by 18.97% from the previous month.

On a broader scale, Pakistan's overall exports to other countries saw a growth of 10.64% in the first ten months of the fiscal year, reaching US $25.669 billion. In contrast, imports from China to Pakistan increased by 27.61%, standing at US $10.648 billion in July-April 2023-24. Year-on-year, imports from China surged by 114.92%, reaching US $1.285 billion in April 2024.

The significant increase in Pakistan's exports to China reflects a strengthening trade relationship between the two countries. While challenges such as month-on-month fluctuations exist, the overall growth in exports signifies positive economic prospects for Pakistan. This upward trend in trade activities underscores the importance of fostering strong bilateral ties and exploring further opportunities for mutual benefit.