ISLAMABAD: In the inaugural month of fiscal year 2023-24, Pakistan’s exports to China surged by 35.1%, reaching a total of US$ 168.5 million.
This marked a substantial growth compared to the same period in the previous year, where exports amounted to US$ 124.7 million.
These figures, sourced from the Trade Development Authority Pakistan (TDAP)’s most recent monthly report, indicate a robust start to the new fiscal year in terms of trade between the two nations, Gwadar Pro reported on Wednesday.
According to the report, in July 2023, Pakistan’s exports to global destinations totaled US$ 2,057 million. This reflected a decrease of 8.57% compared to the same month in the preceding year, during which exports had reached US$ 2,250 million.
Nevertheless, China stands at the forefront of the list of countries to which Pakistan’s exports have demonstrated remarkable growth.
Additional nations that have witnessed a surge in Pakistan’s exports encompass the United Kingdom 4.9%, Spain 7.2%, Italy 8.6%, Saudi Arabia 8.4%, Kenya 19.8%, Turkey 26.7%, Malaysia 9.7%, Oman 22.5%, and Qatar 32.3%.
In July 2023, Pakistan’s exports to the United States experienced a decline of 19.0%, amounting to US$ 408.3 million. This contrasts with the corresponding month in July 2022, when exports had reached US$ 506.6 million.
Pakistan exports to the Netherlands decreased by 18.4%, Germany by 36.1%, UAE by 19.4%, Afghanistan by 4%, Belgium by 10.7%, Bangladesh by 41.3%, France by 5.9% and Poland by 14.3%.
As per TDAP’s report, Pakistan’s overall exports for the fiscal year 2022-23 stood at US$ 7,300.13 million, which is equivalent to $7.3 billion.
Concurrently, within the same timeframe, Pakistan’s total imports amounted to US$ 8,019.58 million ($8.02 billion). –INP
