ISLAMABAD, July 18 (INP): Pakistan’s exports to China surged to $150.3 million in June, concluding the fiscal year 2023-24 with a total of $2.56 billion. Gwadar Pro stated quoting the latest report from the Trade Development Authority of Pakistan (TDAP). In June alone, Pakistan’s global exports reached $2.529 billion, marking a 7.34% increase from the $2.356 billion recorded in the same month of the previous fiscal year. Overall, Pakistan’s exports for FY 2023-24 totaled $30.65 billion, representing a 10.54% increase from $27.72 billion in the previous year. Despite this growth, Pakistan faces a significant trade deficit. The country’s imports for FY 2023-24 amounted to $54.73 billion, resulting in a trade deficit of $24.09 billion.

Pakistan is strategically targeting the Chinese market to expand its export footprint. The Minister of Planning and Development, Professor Ahsan Iqbal, recently emphasized the importance of leveraging China’s vast import market.  He directed ministries to focus on areas where China has significant expertise, aiming to enhance Pakistan’s innovation, technology transfer, and capacity building. As Pakistan seeks to expand its share in the Chinese import market, collaboration with Chinese experts is expected to play a pivotal role in fostering innovation and sustainable economic growth. The strategic focus on the Chinese market is seen as a critical step towards addressing trade deficit and achieving long-term economic stability.

Credit: Independent News Pakistan (INP) — Pak-China