KARACHI: Pakistan’s exports to China experience a remarkable surge of 72.78 percent on an annual basis.
Official data reveals that in the initial five months of July to November in this fiscal year, Pakistan’s exports to China witnessed a substantial increase of 72.78% compared to the same period in the previous fiscal year.
The surge is attributed to the Pakistan-China Free Trade Agreement and favorable pricing in the Chinese market. During July to November of this fiscal year, Pakistan exported $1.31 billion to China, marking a significant rise of 72.78% from the $756.98 million recorded during the same period in the previous fiscal year.
Pakistani rice gains popularity in the Chinese market, with $455 million worth of rice exported to China in 2022. This year, exporters from Pakistan are aiming to capture more of the Chinese market.
Exports of cotton yarn and refined copper also saw substantial growth, with a 49.77% increase in cotton yarn exports, reaching $480.01 million, and a 49.89% increase in refined copper exports, totaling $300.56 million during the same period last fiscal year. The Pakistan-China Free Trade Agreement and competitive prices in the Chinese market contributed to the export boost.
Pakistan’s sesame seed exports, constituting 99% of its total oilseed exports, experienced significant growth. In the current fiscal year’s first quarter, sesame seed exports to China increased by $148 million, showing a quarter-on-quarter growth of 405.8%. November saw an unprecedented high, with 64,711 tons worth $113.66 million exported, up from 16,728 tons worth $25.57 million in the same month last year.
Pakistan, a major global meat producer, mainly exports to the Gulf Cooperation Council (GCC) countries, along with Vietnam, Afghanistan, Indonesia, and China. Meat and by-products exports from Pakistan increased by 25% to $427 million during the last fiscal year and reached $113 million in the first quarter of this fiscal year, a $20 million increase.
