The exports to China are likely to reach $4 by the end of this year, as it has already been increased by 11% in the first half of 2022.
$1.918b has been crossed in the first half of 2022, whereas as per reports it indicates an increase by 10.97% from $1.728b in the same time period compared to the last year.
As per the official data from General Administration of Customs of the People’s Republic of China (GACC), its increasing constantly with respective to yearly basis.
As per the SBP (State Bank of Pakistan), Pakistan exported goods amounting $2.78b during the 12 months of fiscal year 2021-22, whereas an increase of 36.08% indicated against the exports of $2.04b during the same year.
Nearly 15% volume has been increased among the both countries, in the first half of this year of worth $14.39b with the comparison of $12.55b in the same period of year 2021 because of COVID-19.
Comparing with the reference of data of first half of 2021, this year in January exports to China increased by 17.80% amounting to $382.22m; in February it raised with approximately 30% crossing $287.65m, in March it growed 7.23% amounting to $367.71m; whereas, because of COVID-19 the exports in April declined by 21.15% standing at $283.53m but in May it raised with 3% reaching $280.97m while in June it was up by almost 54% crossing $316.36m.
China warmly welcomed, and opened up a market specifically for Pakistani goods, which would be beneficial for both the countries to have long term relationships. China is the second largest economy in the world, Pakistan traders could export more goods to China, stated by an expert economist.
Further he added that Chinese has hugs market and have good purchasing power which would be beneficial for Pakistan, as Pakistan could also become a food basket for China.
Therefore, Pakistan should avail this opportunity and China could relocate it’s industries and technologies to Pakistan which would eventually increase exports not only to China but to the world too.