Pakistan’s efforts to cultivate a business-friendly environment under the caretaker government are yielding positive results, as the State Bank of Pakistan (SBP) reports a notable 5.16% increase in exports to China during the initial two months of the fiscal year 2023-24 compared to the corresponding period in the previous year.
According to the latest data released by the SBP, Pakistan’s exports to China reached $350.297 million in July-August 2023-24, compared to $333.077 million during the same months in 2022-23, reflecting a robust growth of 5.16%. Additionally, exports to China surged by a significant 25.09% on a year-to-year basis, rising from $159.021 million in August 2022 to $198.932 million in August 2023.
Furthermore, on a month-on-month basis, exports to China experienced a remarkable upswing, registering a 31.42% increase in August 2023 compared to July 2023, as per the SBP’s data.
Despite these promising figures, Pakistan’s overall exports to other countries faced a decline of 8.26% during the first two months of the fiscal year, dropping from $4.951 billion to $4.541 billion, according to the data.
Conversely, Pakistan’s imports from China during the same period declined by 21.68%, with figures totaling $1,861.702 million compared to $2,377.070 million in the previous year’s July-August period.
On a year-on-year basis, imports from China fell by 28.17%, decreasing from $1,251.219 million in August 2022 to $898.722 million in August 2023.
Analyzing the data on a month-on-month basis, imports from China decreased by 6.67% in August 2023 compared to July 2023. It’s worth noting that Pakistan’s overall imports witnessed a significant decline of 26.01%, decreasing from $11.474 billion to $8.489 billion, as per the SBP data.
These developments underscore the importance of Pakistan’s evolving trade dynamics, with the country making strides in its exports to China while also taking measures to manage imports effectively.