Bilateral trade between China and Pakistan, as well as Pakistan’s exports to China, hit record levels in 2021, China-Pakistan economic and trade cooperation is mutually beneficial and has delivered tangible benefits to the people of both countries, it was reported by China Economic Net (CEN) on Wednesday quoting Chinese Foreign Ministry’s spokesperson Wang Wenbin.
The latest figures from China’s General Administration of Customs showed that the total value of China’s imports and exports to Pakistan was increased by 59.1 percent year-on-year in 2021, with exports up by 57.8 percent and imports up by 68.9 percent.
At present, China is the second-largest export destination and the largest source of imports for Pakistan. In 2021, China tops the list of countries in terms of Pakistan’s exports to its neighbors, leaving other populous countries India and Bangladesh behind, according to Pakistani media Dawn.com.
The recent upward trend in exports to China is encouraging both for the two countries’ governments and enterprises.
Multiple factors have contributed to this remarkable rise. Under the first phase of the free trade agreement (FTA), Pakistan had been already enjoying zero duties on exports of over 700 products to China.
While the second phase of the pact allowed Pakistan to export 313 new items to the Chinese market on zero duty.
In addition, the construction of special economic zones has also helped Pakistan export goods to other countries including China.