Pakistani imports to China clocked at $7bn, exports $1.72bn in July-January

Pakistan’s export of goods and services to China were recorded at $1.72 billion during July-January (2023-24) against that of $1.19 billion last year same period.

Pakistani imports from China during the months July-January (2023-24) under review clocked in at $6.95 billion against $6.46 billion last year, showing an increase of 7.66%.

The State Bank of Pakistan (SBP) reported the 44.53% increase of Pakistani exports. On a year-to-year basis, the exports to China also surged by 79.54 per cent from $136.551 million in January 2023, against the exports of $245.169 million in January 2024.

However, on a MoM basis, exports to China fell by 4.96% during January 2024 against $257.978 million recorded in December 2023, the SBP report stated.

Collectively, Pakistan’s exports to other countries witnessed an increase of 9.32% in the July-January (2023-24) first seven months.

On a YoY basis, imports from China rose 91.49% from $614.835 million in January 2023, against $1177.398 million in January 2024.

Pakistan’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives account for a small amount of $4.590 billion — just 14.43pc of Pakistan’s total global exports of $31.79bn in FY22.

In Fiscal year 2022, Pakistani exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives accounted for a small amount of $4.590 billion — just 14.43pc of Pakistan’s total global exports of $31.79bn in FY22.

On the other hand, imports from these countries edged up to $17.814bn in FY22 against $13.826bn over the corresponding period last year, an increase of 28.84pc.

The bulk of 97.09pc imports is coming from China alone while the remaining imports are from other eight countries.

Pakistan lost almost $90 billion with trade deficit with China

Pakistan – China trade deficit was recorded at $11.70bn in 2023, $20.56bn in 2022, $23.93bn in 2021,$10.61bn in 2020, $15bn in 2019, $13.87bn in 2018, $13bn in 2017, $12.10bn in 2016, $9.08bn in 2015.

Since 2010, Pakistan has run a cumulative trade deficit with China equal almost to $90 billion.