KARACHI: The caretaker government’s business-friendly policies are bearing fruit as Pakistan’s exports to China witnessed an increase of 5.16% during the first two months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year.
According to the latest data shared by the central bank, the overall exports to China were recorded at $350.297 million during July-August (2023-24) against exports of $333.077 million during the same months in 2022-23, showing growth of 5.16%.
On a year-to-year basis, the exports to China also surged by 25.09% from $159.021 million in August 2022, against the exports of $198.932 million in August 2023, APP reported.
Meanwhile, on a month-on-month basis, the exports to China rose by 31.42% during August 2023 as compared to the exports of $151.365 million in July 2023, the SBP data revealed.
However, overall Pakistan’s exports to other countries witnessed a decrease of 8.26% in the first two months, from US $ 4.951 billion to US $ 4.541 billion, as per the data.
On the other hand, the imports from China into the country during the months under review were recorded at $1861.702 million against $2377.070 million last year, showing a decline of 21.68% in July-August (2023-24). On a year-on-year basis, the imports for China also witnessed a decrease of 28.17% from $1251.219 million in August 2022, against the imports of $898.722 million in August 2023.
On a month-on-month basis, the imports from China into the country dipped by 6.67% during August 2023, as compared to the imports of $962.980 million during July 2023, according to the data. The overall imports into the country witnessed a decrease of 26.01%, from $11.474 billion to US $ 8.489 billion, according to the SBP data.
