ISLAMABAD: China remains Pakistan’s largest trade partner during July-December, 2021, WealthPK reported on Friday.
China was also the largest source of imports for Pakistan during the same period of the current fiscal year with the import volume of $11.079 billion.
China was listed as the second-largest export destination for Pakistan during the first six months of the current fiscal with export volume of $1.637 billion.
The United States remained the top export destination during the first six months of the current fiscal year with a $3.257 billion volume. The US also remained Pakistan’s top export destination during both quarters of the first six months during the current fiscal.
Exports’ volume to the US recorded $1.413 billion during the first quarter (July-September) and $1.844 billion during the second quarter (October-December) of 2021-22.
Pakistan’s imports from China during July-December increased by 31.45 percent over preceding six months (January-June) when import volume remained at $8.428 billion.
In quarter-wise analysis, Pakistan-China trade volume rose to $6.988 billion in the second quarter (October-December) of 2021-22 from $4.073 billion during the same quarter of the last fiscal year 2020-21, registering a growth of 71.56 percent, according to WealthPK.
Pakistan exports to China were recorded $959 million during the second quarter of the current fiscal year against $721 million during the same period of the last fiscal, with an increase of 33 percent. Exports to China remained $678 million during the first quarter.
Imports from China rose to $6.029 billion in the second quarter of 2021-22 from $3.352 billion during the same quarter of 2020-21, posting a growth of 80 percent. Imports recorded $ 5.05 billion in the first quarter of the current fiscal year.
In month-wise analysis, the volume of Pakistan-China trade registered $2.433 billion in December of current fiscal as compared to $1.537 billion in the same month of last fiscal, surging by 58 percent.
The highest trade volume of $2.602 billion in a single month was recorded in November. Pakistan exports to China in November amounted to $353.39 million, while imports were at $2.249, the highest in a single month.
According to the Ministry of Commerce, Pakistan imported bulk of COVID-19 vaccines from China in the first six months of 2021-22.
According to TDAP, Pakistan’s imports from China increased in the petroleum oils and oils obtained from bituminous minerals (excluding crude), human blood, animal blood prepared for therapeutic, prophylactic, mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, polymers of propylene or of other olefins, in primary forms, electric generating sets and rotary converters.
Pakistan exports to China mainly consist of agro-food products and textile products. Rice, cereal, fish and fish products are among the top exported food items. Other major exports to China are cotton, copper, plastic, optical/medical apparatus, leather and aluminium, WealthPK reported.
According to the Ministry of Commerce, negotiations were being held between the concerned departments of both countries for allowing the exports of meat from Pakistan to China.
Pakistan is hopeful for getting access to the Chinese meat market in future.
This would provide Pakistan an opportunity to further enhance its exports to China. China is the largest food market and Pakistan can enhance its exports to the neighbouring country by exporting food items especially fruits, vegetables, rice and fish in large quantities. – INP