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Business & Finance

Pakistan's exports to China increase 34%, amount to $2.33 billion in FY21

  • Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood says exports have done well in major markets
Published July 6, 2021
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Pakistan’s exports to neighboring ally China have shown impressive double-digit growth in fiscal year 2021, going above $2 billion, announced Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood on Tuesday.

“I’m pleased to share that our exports have done quite well in our major markets. During FY2021, our exports to China increased by 34% to $2.33 billion as compared to $1.74 billion in the previous FY, increasing by $586 million,” said Dawood in a series of tweets.

Pakistan, China are longtime allies and also partners in the multi-million-dollar China-Pakistan Economic Corridor (CPEC), part of the ambitious China's Belt and Road Initiative, which aims to connect Asia with Africa and Europe via land and maritime networks to boost trade and stimulate economic growth.

The $64 billion mega-project signed in 2014 aims to connect China's strategically important northwestern Xinjiang province to the Gwadar port in Balochistan, Pakistan through a network of roads, railways, and pipelines to transport cargo, oil, and gas.

Dawood added that Pakistan’s exports to Germany grew by 19% to $1.5 billion in the recently concluded fiscal year.

Pakistan's exports to US cross $5b, highest ever, says Dawood

Dawood appreciated Pakistani exporters for achieving this growth despite the problems created by the Covid-19 pandemic. “I also commend the efforts of MOC’s Trade & Investment Officers and urge them to provide even greater facilitation to our exporters,” he added.

Pakistan has witnessed record-high exports of $25.3 billion in 2020-21, including $15.5 billion in textile and $2 billion in IT services, in fiscal year 2020-21, nearly $4 billion higher than the $21.4 billion achieved in 2019-20.

Comments

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Imtan Jul 06, 2021 03:14pm
There's is no point to celebrate 2bil dollars worth of export to China which has d potential of more than 20billion dollars only if we presuade Chinese government to open its markets freely for our leather fisheries and livestock also it's pertinent to mention that our 40billion dollar + imports are the crooks of huge trade balance which in reality makes our country poorer day by day
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Imtan Jul 06, 2021 10:13pm
It's a shame while we import 28billion dollars worth of goads and export just touching just 2billion dlrs so we have get urgent discussions enabling to make our products have more open our markets for fisheries ,leather ,value added textile ,and foodstuffs as only that way trade balance can be reduced or other wise we l b always in hand to mouth and kept begging IMF or other powers so I hereby urge his excellency P M and all to take serious drastic measures
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