Raza Khan ISLAMABAD, May 11 (INP-WealthPK): China remained Pakistan’s largest trade partner during the third quarter (Q3) of the current fiscal year 2021-22, as the volume of bilateral trade recorded $5.71 billion, reports WealthPK. Pakistan's exports to China registered $765.76 million during Q3 of 2021-22, while imports from China recorded $4.944 billion, according to data from the Ministry of Commerce. Although bilateral trade is increasing gradually, Pakistan's trade deficit with China is also swelling. Experts suggested that Pakistan should take measures to reduce its trade deficit with China, which stood at $4.179 billion during Q3 and $12.856 billion in the first nine months (July-March) of the current fiscal year. Dr. Abid Qaiyum Suleri, financial and trade expert and Executive Director of Sustainable Development Policy Institute (SDPI), told INP-WealthPK that growth in bilateral trade was a positive development. However, he said the potential of exports for Pakistan was much bigger than the current numbers. Suleri said Pakistan needs to remove the supply-side constraints by producing goods in large quantities and of the best quality to grab more share in the Chinese market in a bid to reduce the trade deficit. “Pakistan can export food items to China like rice, meat, fish, fruits and vegetables in large quantity by utilizing modern techniques and improving processing facilities,” Suleri maintained. He suggested that Pakistan should obtain technical assistance from the Chinese companies and experts, especially in the agriculture and livestock sectors, to produce products that can meet the export standards. Pakistan's Consul General in Shanghai Hussain Haider suggested that Pakistani exporters focus on exporting value-added products to China instead of raw materials to increase its market share. Addressing a webinar, the consul general said there was a huge potential for exporting value-added products to China instead of raw materials. Haider said raw materials like copper and articles worth $551.2 million along with cotton yarn and fabrics valuing $352 million were the top two products exported to China last year, whereas exports of value-added products like knitted apparel and woven apparel stood at $48 million and $31.4 million, respectively. Chinese Consul General in Karachi, Li Bijian was of the view that Pakistan should reduce imports from China as the bilateral trade was highly imbalanced. Addressing a ceremony, Li Bijian said Pakistan imports more and exports less though the Free Trade Agreement allowed it to export more than 300 items to China without tariff. He suggested that Pakistan should focus on import substitutions to balance its trade with China. According to the Ministry of Commerce, bilateral trade grew by 30% during Q3 of 2021-22 compared to the same quarter of the last fiscal year. The volume of bilateral trade was $4.397 billion during the same months of last year. An increase of 6.65% was registered in Pakistan’s exports to China during January-March 2022 against the corresponding months of 2021. On the other hand, imports from China also grew by 34% during the said period against the Q3 of last year. China remained Pakistan’s second-largest export destination during the period under review after the United States of America. China was Pakistan’s largest source of imports during the said quarter. Pakistan's major exports to China are rice, cereals, cotton yarn, refined copper, oilseed, oleagic fruits, grain, seed, fruits, beverages, spirits, vinegar, and aluminium. Pakistan's major imports from China are electrical and electronic equipment, machinery, boilers, pharmaceutical products, organic chemicals, iron and steel, plastics, and fertilizers.