Beijing July 23 2022: Pakistan’s export to China crossed $1.918 billion in the first half (H1) of this year, up 10.97 percent from $1.728 billion in the same period of the previous year, which continue to increase on yearly basis, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).
According to sources, despite the epidemic of COVID-19, bilateral trade has increased significantly.
In the first half of this year, the total volume of trade between China and Pakistan increased nearly 15 percent amounting to $ 14.39 billion as compared with the same period in 2021 which was $12.55 billion due to COVID-19.
Compared with data of the first half of 2021, this year Pakistan’s exports to China in January increased by 17.80% amounting to $382.22 million; in February it was up by nearly 30% crossing $287.65 million; in March it increased 7.23% amounting to $367.71 million; COVID-19 impacted Pakistan’s exports in April causing a decrease of 21.15% standing at $283.53 million; in May it increased nearly 3% reaching $280.97 million while in June it increased by nearly 54% crossing $316.36 million.
Shan Saeed, Chief Economist at Juwai IQI told China Economic Net that the increasing exports from Pakistan to China is a good sign for both countries. It clearly signifies the deep-rooted trade and commerce momentum has been generated through China-Pakistan Economic Corridor (CPEC).
“China has really opened up the market for Pakistani goods. Both countries can benefit from long-term relationships. Pakistan can export further as China is the second largest economy in the world. Pakistan’s geography is very germane for China and the global macro-economic landscape,” Shan added.
He further said that Pakistan can become a food basket for China because the Chinese market is huge and has good buying power, therefore Pakistan should take advantage of its good relationship and China can help relocate its industries & technologies to Pakistan to increase its exports to China and around the globe.
It is to be noted that Pakistan is expected to achieve a figure of $32 billion in bilateral trade within the next two-three years and is likely to achieve a figure of $50 billion before 2030.
In the first six months of this year, among the growth of trade in major products between the two countries, rice, cotton yarn, refined copper products, sesame seeds, pine nuts, textiles, seafood, and other agricultural products have increased year on year, and this has encouraged Pakistan’s economic recovery and increased its exports to China.