Pakistan’s exports to China experienced a significant increase during the first seven months of the current fiscal year (2023-24), marking a 46% growth compared to the corresponding period of the previous year. This surge in exports resulted in a total value of US $1.724 billion from July to January (2023-24), as opposed to US $1.180 billion during the same period in 2022-23.
On the other hand, imports from China into Pakistan witnessed a nominal increase of less than one percent during the same period, reaching US $7.709 billion compared to US $7.658 billion in the previous year.
The caretaker Federal Minister for Commerce and Industries, Gohar Ejaz, led a high-level delegation to China to discuss economic ties, with a focus on improving the trade balance between the two nations.
These discussions aimed to strengthen Sino-Pak trade relations, identify avenues for collaborative ventures, and explore strategies for accessing new markets in China to promote Pakistani exports.
The delegation also conducted a number of business-to-business (B2B) meetings, giving Chinese and Pakistani entrepreneurs a forum to network and strengthen commercial ties.
In order to propel prosperity in Pakistan, Minister Ejaz underlined the importance of private sector cooperation, particularly involving Small and Medium Enterprises (SMEs).
The noteworthy uptick in exports to China is a good thing for Pakistan’s economy. It represents the nation’s attempts to lessen its trade deficit with China and diversify its export markets.