Pakistan Exports Show Notable Increase

Pakistan’s exports of products and services to China have shown a remarkable growth of 5.16% in the first two months of the current fiscal year (2023-24), compared to the same period of the previous year.

According to data from the State Bank of Pakistan (SBP), Pakistan’s total exports to China reached $350.297 million in July and August 2023, a considerable increase from $333.077 million reported during the same period in 2022. 2023 and a growth rate of 5.16%.

Exports to China increased by 25.09% year-on-year, from $159,021 million in August 2022 to $198,932 million in August 2023.

Furthermore, on a monthly basis, exports to China increased significantly, increasing by 31.42% in August 2023 compared to $151.365 million reported in July 2023, according to SBP statistics.

The data further indicated that the total amount of Pakistan’s exports to other nations fell from $4.951 billion to $4.541 billion during the first two months of the fiscal year, a decline of 8.26%.

China-related imports into Pakistan declined during the same period. China’s imports in July and August 2023 amounted to $1,861,702 million, 21.68% less than the $2,377,070 million in the same months of the previous year.

Chinese imports fell by 28.17% year-on-year in August 2023, from US$1,251.219 million in August 2022 to US$898.722 million.

The figures show that monthly imports from China decreased by 6.67% in August 2023 compared to the US$ 962.98 billion reported in July 2023.

The data shows that Pakistan’s imports decreased significantly overall from all sources, falling from $11,474 million to $8,489 million, a considerable decline of 26.01%.