Saturday, January 28, 2023

Pakistan’s exports to China increase by 23% in the first two months of 2022

According to official data from the General Administration of Customs of China  (GACC), Pakistan’s exports to China reached $ 67.072 million in the first two months of 2022, representing a nearly 23 percent rise year-on-year.

Contrary to expectations, bilateral trade has expanded dramatically in the wake of the COVID-19 outbreak. Pakistan’s exports reached $67 million in the first two months of 2022, an increase of 22.77 percent from $54 million in the same time the previous year, according to a report published on Thursday by China Economic Net (CEN).

Abdul Razak Dawood, a former assistant to the Prime Minister on Commerce and Investment, said on Twitter last month that China was opening the Khunjrab Border, which would allow Pakistan to enhance its exports to the country.

“We are glad to announce that China will open the Khunjrab Border on April 1, 2022, as previously announced. As a result, not only will the second phase of the Pakistan-China FTA (Free Trade Agreement) be better utilized, but it will also benefit local businesses on both sides of the border, particularly fruit and vegetable exporters from northern Pakistan.

“I strongly encourage exporters to take advantage of this opportunity and grow their exports to China,” Abdul Razak wrote in a Twitter message.

According to the GACC, China’s imports and exports from Pakistan totaled $4.365 billion from January to February 2022, independent of COVID-19, which had an influence on the fiscal year 2022 as well.

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China’s exports to Pakistan climbed by 15.32 percent in the first two months of the current year, totaling $3.69 billion, compared to the same period the previous year, when they totaled $3.20 billion.

Textiles, seafood, and agricultural products were among the major products that saw year-on-year growth in trade between the two countries, helping to promote Pakistan’s economic recovery and increase its exports to China, particularly cotton yarn, rice, sesamum seeds, and pine nuts, has seen a boom in the Chinese market.

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