ISLAMABAD: The State Bank of Pakistan (SBP) claimed on Friday that Pakistan’s exports of goods and services to China experienced a growth of 5.16 percent during the first two months of the current fiscal year (2023-24) when compared to the corresponding period of the previous year.
The total exports to China reached US $350.297 million in July-August (2023-24), compared to US $333.077 million in July-August (2022-23), showing a 5.16 percent increase, as revealed by SBP data.
On a year-to-year basis, exports to China also saw a significant increase of 25.09 percent, rising from $159.021 million in August 2022 to $198.932 million in August 2023.
Furthermore, on a month-on-month basis, exports to China experienced a substantial increase of 31.42 percent in August 2023 compared to exports totaling $151.365 million in July 2023, according to SBP data.
Pakistan’s exports to other countries
In contrast, Pakistan’s exports to other countries declined by 8.26 percent in the first two months, decreasing from US $4.951 billion to US $4.541 billion, as indicated by SBP data.
Conversely, imports from China to Pakistan during the reviewed months amounted to US $1861.702 million, down from US $2377.070 million in the previous year, marking a decline of 21.68 percent in July-August (2023-24).
On a year-on-year basis, imports from China decreased by 28.17 percent, totaling US $1251.219 million in August 2022 compared to US $898.722 million in August 2023.
On a month-on-month basis, imports from China into Pakistan decreased by 6.67 percent in August 2023, compared to imports of US $962.980 million in July 2023, according to the data.
Overall, Pakistan’s imports as a whole saw a decline of 26.01 percent, falling from US $11.474 billion to US $8.489 billion, according to the data. —APP
