Pakistani exports to China jump by notable 5.16% in two months

Islamabad: State Bank of Pakistan (SBP) reported a notable increase of 5.16 percent in the export of goods and services to China during the initial two months of the current fiscal year 2023-24, when compared to the corresponding period in the previous year.

According to data released by the central bank, Pakistan’s overall exports to China reached a total of US $350.297 million for the months of July and August in 2023-24, as opposed to US $333.077 million in the same period of 2022-23, signifying a growth rate of 5.16 percent.

Examining the year-to-year progression, the exports to China saw a substantial increase of 25.09 percent, rising from US $159.021 million in August 2022 to US $198.932 million in August 2023.

When evaluating the exports on a month-to-month basis, there was a significant uptick of 31.42 percent in August 2023 compared to July 2023, with exports totaling US $151.365 million for July.

However, Pakistan’s overall exports to countries other than China experienced a decrease of 8.26 percent during the first two months, declining from US $4.951 billion to US $4.541 billion, as per the data provided by the SBP.