ISLAMABAD – Pakistan’s exports to China witnessed significant growth as they doubled in two years to reach $3.59 billion in 2021.
The bilateral trade in 2021 between China and Pakistan bucked the trend of steep decline in global trade in spite of the Covid-19 pandemic, and the export from Pakistan to China soared to $3.59 billion, registering a year-on-year increase of 68.9%.
According to the China Customs, the bilateral trade in 2021 between China & Pakistan bucked the trend of step decline in global trade in spite of the Covid-19 pandemic, and the export from Pakistan to China soared to 3.59 billion USD, registered a year-on-year increase of 68.9%.
— Nong Rong (@AmbNong) January 26, 2022
The development is an outcome of the China Pakistan Free Trade Agreement’s phase II (CPFTA II), which took place in 2019 after strenuous discussion between the two countries.
According to data released by the General Administration of Customs (GACC) of China, total trade between the two countries reached $27.82bn.
Pakistan's exports to China doubled in two years to USD 3.56bn in 2021 after signing CPFTA II. This handshake was possible after two years of intense but fruitful negotiations with Chinese Trade Ministry 2017-19. Long Live #ChinaPakistanfriendship. https://t.co/dh0PMb9HhP
— Younus Dagha (@DaghaYounus) January 26, 2022
Exports to China surpassed $365.35 million in December 2021, witnessing an increase of 17pc from a year ago when it recorded at $312.33m, China’s Economic Net (CEN) has reported.
Pakistan’s exports to China registered the highest growth in November 2021 when they hit $379.17m. In 2020, the highest value was recorded in December 2020 when its exports reached $312.33m.
On the other hand, China’s exports to Pakistan in 2021 surged by 57.8pc to $24.23bn. They were $15.36bn and $16.17bn in 2020 and 2019, respectively.
Experts are of the view that significant progress in trade between the two countries is a testament to China’s commitment to the Belt and Road Initiative (BRI) projects with the China-Pakistan Economic Corridor in the limelight.
The CPFTA II came into effect in 2019, allowing Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties.
Pakistan is already enjoying zero duties on exports of 724 products to China under the first free trade pact signed between the two countries in 2006.