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BEIJING: Pakistan's exports to China increased by 11% in the first half of 2022, and with this pace, they are on track to hit $4 billion by the end of the year.
Exports to the neighbouring nation exceeded $1.918 billion in the first half of this year, increasing 10.97 per cent from $1.728 billion in the same period last year.
According to official data from the People's Republic of China's General Administration of Customs, it continues to rise year after year (GACC).
According to the State Bank of Pakistan (SBP), the country exported goods worth $2.78b during the 12 months of the fiscal year 2021-22 against the exports of $2.04b during the same year, showing an increase of 36.08%.
Despite the COVID-19 pandemic, bilateral commerce has expanded dramatically, according to sources.
The entire volume of commerce between China and Pakistan climbed about 15% in the first half of this year, totalling $14.39 billion, compared to the same time in 2021, which was $12.55 billion thanks to COVID-19.
Compared to the first half of 2021 data, Pakistan's exports to China increased by 17.80 per cent in January, totalling $382.22 million; nearly 30 percent in February, totalling $287.65 million; 7.23 per cent in March, totalling $367.71 million; however, COVID-19 impacted Pakistan's exports in April, causing a decrease of 21.15 percent, totalling $283.53 million; but nearly 3 per cent increased in May, totalling $280.97 million;
According to one economic analyst, "China has extended its market to Pakistani goods." Long-term connections may benefit both countries, and Pakistani businessmen can send more items to China, the world's second-largest economy."
"Pakistan can also become a food basket for China because the Chinese market is huge and has good purchasing power," he added, adding that "Pakistan should take advantage of its good relationship and China can help relocate its industries and technologies to Pakistan, resulting in an increase in exports to not only China but to the rest of the world."