Raza Khan

Despite a decline of 37.27% in bilateral trade, China remained Pakistan’s largest trading partner during the first half (July-December) of the current fiscal year (2022-23). According to provisional data released by the Ministry of Commerce, bilateral trade between Pakistan and China dropped to $7.388 billion during July-December period of the current fiscal year from $11.779 billion during the same months of last fiscal year.

Pakistan’s exports to China declined by 29.24% to $1.074 billion during the period under review from $1.518 billion during the corresponding months of last fiscal year. Imports from China were recorded at $6.314 billion during the first six months of 2022-23 against $10.261 billion during the same period of 2021-22, with a decline of 38.46%.

The volume of bilateral trade also dropped by 50.86% to $1.303 billion in December 2022 against $2.652 billion in the same month of last year. Pakistan’s exports to China were recorded at $172 million during last month against $325 million in December 2021, showing a negative growth of 47%.

Pakistan’s imports from China also declined by 51.39% to $1.131 billion in December 2022 from $2.327 billion in the same month of the previous fiscal year. According to the Ministry of Commerce, Pakistan’s trade deficit with China reduced by 39.75% during July-December FY23 compared to the same months of last fiscal year.

The trade deficit with China dropped to $5.267 billion in first six months of 2022-23 from $8.743 billion during the corresponding period of 2021-22. Despite a massive decline in bilateral trade during recent months, China remained Pakistan’s largest trading partner during each month of the current fiscal year. China also remained Pakistan’s largest source of imports and second largest export destination during the first half of the current fiscal year.  

Earlier, the volume of bilateral trade also declined by 53% to $1.22 billion during November 2022 from $2.6 billion during the same month of 2021. With bilateral trade volume of $19.457 billion, China remained Pakistan’s largest trading partner during 2021-22. Pakistan’s exports to China were recorded at $3.111 billion in 2021-22, while imports were registered at $16.346 billion.

Pakistan’s export items to China include cotton, copper, cereals, fish, crustaceans, molluscs, aquatics invertebrates, oil seed, oleagic fruits, grain, seed, fruits, beverages, spirits and vinegar, aluminium, apparel, salt, sulphur, leather and plastics. Pakistan’s imports from China include electrical and electronic equipment, machinery, nuclear reactors, boilers, pharmaceutical products, mineral fuels, oils, distillation products, organic chemicals, iron and steel, vehicles other than railway, tramway, plastics, fertilisers, manmade filaments, and rubbers.

Credit : Independent News Pakistan-WealthPk