Muhammad Irfan, Trade and Investment Counselor at the Consulate General of Pakistan in Guangzhou hoped a big increase in Pak-China bilateral trade in 2024. Meanwhile, Pakistan’s hosiery export to China witnessed a substantial surge, marking a remarkable 45% increase in the year 2023.
This significant uptick underscores the strengthening trade ties between the two nations and highlights Pakistan’s growing prominence in the global textile market, he said according to Gwadar Pro (GP). Several factors contributed to this notable expansion in hosiery exports. Pakistan’s competitive advantage lies in its robust textile industry, which is known for its quality products and cost-effectiveness.
“Overall pantyhose, tights, stockings, socks and other hosiery export from Pakistan to China in the year 2023 crossed $14.32 million whereas in 2022 it was $9.81 million, an increase of 45%.Hosiery & footwear made of cotton, commodity code (61159500), crossed $11.55 million in 2023 while in 2022 it was $ 7.61 million, up to 51%,” he mentioned.
“The largest Chinese delegation participated in TEXPO, one of the largest textile exhibitions in Pakistan held last year, helped increase Pakistan’s export to China. This year the exhibition will also be held and I’m hoping a big increase in bilateral trade in 2024”, Mohammad Irfan stated. He further said that with the momentum gained from this surge, Pakistan is well positioned to capitalize on the evolving dynamics of international trade and further enhance its economic standing on the global stage.
The surge in hosiery exports to China is poised to have a positive impact on Pakistan’s economy. Increased export earnings will contribute to increasing foreign exchange reserves, creating employment opportunities, and stimulating growth in the domestic textile sector, which is a vital engine of Pakistan’s economy.
