LAHORE: This uptick elevated the value of exports to $1.72 billion, up from $1.18 billion in the corresponding period of the previous year
Pakistan’s exports to China saw an increase of 46% during the first seven months (July-January) of the fiscal year 2023-24, as revealed by the caretaker Federal Minister for Commerce and Industries, Gohar Ejaz.
This uptick elevated the value of exports to $1.72 billion, up from $1.18 billion in the corresponding period of the previous year.
The data, disclosed during a media briefing, highlights the growing economic ties between the two nations underpinned by concerted efforts to enhance trade.
Notably, the period from July to January 2023-24 also witnessed a slight uptick in imports from China, with figures reaching $7.71 billion compared to $7.66 billion in the previous year, marking a growth of less than one percent.
This surge in exports comes in the wake of Minister Ejaz leading a high-level delegation to China, focusing on fortifying economic ties and seeking ways to improve the trade balance between Pakistan and China.
The delegation’s discussions with Chinese officials centered on bolstering Sino-Pak trade relations through the exploration of new markets for Pakistani goods and facilitating smoother trade transactions.
The visit also included a series of business-to-business (B2B) meetings, laying a platform for entrepreneurs from both countries to explore trade-enhancing initiatives.
The minister emphasized the crucial role of private sector collaboration, especially among Small and Medium Enterprises (SMEs), in driving economic prosperity in Pakistan.
These developments are a testament to the economic diplomacy and strategic engagements between Pakistan and China, aimed at unlocking new avenues for trade and investment.
