Observer Report Islamabad
Pakistan’s exports to China have surged by 89% to USD 678 million from USD 359 million in the first quarter (July-September) in the Fiscal Year 2021-22 as against the same period of FY 2020-21, according to Trade Development Authority Pakistan (TDAP)’s latest quarterly report.
According to Gwadar Pro on Tuesday, the report shows that Pakistan’s overall exports to different countries of the world have surged by 28% to USD 6.99 billion from USD 5.4 billion in Q1 of FY 2021-22 as against the same period of FY 2020-21.
In addition to China, export destinations with increasing value include the USA, the United Arab Emirates, Italy, the United Kingdom, Germany, the Netherlands, Spain, Bahrain, Italy, and Bangladesh.
Pakistan exported mainly textile and its products to major export destinations with the textile sector showing growth of 27% in Q1 FY 2021-22.
According to TDAP, the growth comes amid a rebound in the global and regional economy, as countries are slowly opening up from the Covid-19 induced lockdown phase. As compared to other countries of the region, economic activities in Pakistan have resumed early due to the government’s efforts to control Covid-19.
The exports of rice to different destinations of the world have shown a significant increase of 18% in Q1 of FY 2021-22.
Pakistan’s overall rice exports amounted to USD360 million in the July-September Q1 FY 2020-21 quarter a year ago and increased to USD 423 million in Q1 FY 2021-22. China has emerged as a new market for Pakistani non-basmati rice varieties, according to the quarterly report.
At the same time, Pakistan’s exports to Afghanistan, Denmark, South Korea, Indonesia, Slovenia, Czech Republic, Lithuania, Finland, Senegal, and Congo have shown a decrease.
Afghanistan is one of the countries with Pakistan’s export to the countries registered negative growth in Q1 FY 2021-22.
During the Q1 of FY-22 Pakistan’s imports from China, UAE, KSA, Indonesia, US, Qatar, Japan, and Thailand has increased as compared to the same period in FY-21. Pakistan imported Covid-19 vaccines in bulk from China and it is reflected in the increase in imports of Pharmaceutical or Medicinal products.
