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Home Business Pakistan’s exports shows notable increase

Pakistan’s exports shows notable increase

Imports for China witnessed a decrease of 28.17 percent

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

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

Exports to China climbed by 25.09% on year-on-year, from $159.021 million in August 2022 to $198.932 million in August 2023.

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

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The data further stated that the total amount of exports from Pakistan 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 decreased during the same time period. China’s imports in July and August 2023 were worth US $1,861.702 million, down 21.68% from the US $2,377.070 million in the same months the year before.

Chinese imports fell 28.17% year over year in August 2023, falling from $1,251.219 million in August 2022 to $898.722 million in US dollars.

The figures show that on a monthly basis, imports from China decreased in August 2023 by 6.67% as compared to the US $962.980 million reported in July 2023.

The data shows that Pakistan’s imports decreased significantly overall from all sources, falling from US $11.474 billion to US $8.489 billion, a considerable decrease of 26.01%.

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