During the initial five months of July-November in the fiscal year 2023-24, Pakistan experienced a remarkable surge of 72.78% in exports to China compared with the corresponding period in the preceding financial year. Gwadar Pro reported on Monday quoting Trade Development Authority of Pakistan (TDAP)’s latest statistics.
Pakistan’s export growth this fiscal year is primarily attributed to the China-Pakistan Free Trade Agreement and favorable prices in the Chinese market. In July-November of the fiscal year 2023-24, Pakistan recorded $ 1307.89 million (1.31 billion) in exports to China, reflecting a significant increase of 72.78% compared to the $756.98 million exports registered during the same period in the fiscal year 2022-23. Rice exports to China: During the first five months of FY 2023-24, Pakistan has exported rice worth $ 1.4 billion to different countries of the world including China. According to the Pakistan Trade Perspective quarterly trade analysis (1st Quarter), for Pakistani rice, China, the Philippines, and Nigeria are primary buyers. Pakistani rice like wholly milled and broken rice is becoming popular in the Chinese market. In 2022 Pakistan exported rice worth over $455 million to China.
This year, Pakistani exporters are eyeing the Chinese market for a greater share. Cotton Yarn & Refined Copper: In the initial five months of FY 2023-24, Pakistan experienced a significant uptick in exports, including a 49.77% increase in cotton yarn, reaching $480.01 million.
