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Markets

$100 billion export vision: Pakistan eyes to reduce trade deficit with China

  • A 20-member delegation representing all sectors of Pakistan’s export sector will leave for China on Sunday
Published December 9, 2023

A 20-member delegation representing all sectors of Pakistan’s export sector will leave for China on Sunday, as the country aims to enhance its exports to $100 billion and reduce its trade deficit with the neighbouring ally.

The development was shared by Dr Gohar Ejaz, Federal Minister for Commerce & Industries on Saturday, via a video message on the social media platform X, formerly known as Twitter.

“Pakistan has a massive trade volume with China,” said Dr Ejaz. “Pakistan imports goods worth $20 billion from China. However, only a meagre $2 billion is exported to the neighbouring country,” he noted.

“In the past three months, we conducted several exercises with a vision to increase Pakistan’s exports from the current $30 billion to $100 billion. In this regard, we have seen the largest potential in China, and I believe that we need to shrink this trade deficit,” he said.

“We conducted meetings with textile exporters and manufacturers of the non-textile sector and gauged the potential of these industrialists. We have selected a 20-member delegation, which will be heading to China to explore new markets,” he said.

The caretaker minister said that Pakistan has the capacity and the potential.

“I believe China is our biggest potential, we can end our economic woes i.e. current account deficit by reducing our trade deficit with China, this is the core purpose for our visit,” he added.

In a text message on social media platform X, Dr Ejaz said that the visit to China would mark the beginning of Pakistan’s journey towards export-led growth.

The caretaker minister informed that the decision comes after meetings with the Industry Advisory Council and Export Advisory Council (EAC) for textile and non-textile sectors where “it was decided that the road to export growth passes through China”.

“I would like to express my gratitude to the Chinese Ambassador in Pakistan, Jiang Zaidong, and the Pakistan Ambassador in China, Khalil Hashmi, as well as China’s Ministry of Commerce for facilitating Pakistan to promote trade with China,” wrote Dr Ejaz.

The EAC on Friday held its inaugural meeting under the chairmanship of Caretaker Minister for Commerce charting the course for Pakistan’s $100 Billion Export Vision.

The council considered proposals to elevate domestic exports to $50 billion within the next five years.

Comments

200 characters
TimetoMoVVeOn Dec 09, 2023 07:04pm
OMG. How many govt sponsored business trips have taken place between Pak and China. If CPEC was a game changer why keep sending more and more people than goods
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Doc Asad Dec 09, 2023 08:41pm
We should export our corrupt politicians and bureaucrats, we have more than enough of them , like too much to even handle
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Jalil Ahmad Dec 09, 2023 09:57pm
"Will this news have an impact on PSX?"
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muhammad iqbal Dec 10, 2023 12:26am
It is appreciating to have a target of 100 billion $ exports. Now we need to achieve this target irrespective of the change in govt. Good luck Pakistan.
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muhammad iqbal Dec 10, 2023 12:31am
It is appreciating to have a target of 100 billion $ exports. Now we need to work hard and smart to achieve this. May Allah bless Pakistan to revive it's economy and get a respectable status in the comity of nations.
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muhammad iqbal Dec 10, 2023 12:32am
It is appreciating to have a target of 100 billion $ exports. Now we need to work hard and smart to achieve this. May Allah bless Pakistan to revive it's economy and get a respectable status in the comity of nations.
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Cool boy Dec 10, 2023 02:11am
Pakistan should export coal and steel instead
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Ash Chak Dec 10, 2023 02:25am
Everyday this new caretaker government comes up with new pie in the sky figures. $100 Billion , $50 Billion, $20 Billion.....All that this has resulted in is more foreign trips paid for by the taxpayer. So the government of Pakistan is now looting the treasury.
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Pervez Dec 10, 2023 04:14am
بہت دیر کی مہرباں آتے آتے All those financial and economic experts during the time of Zardari, Nawaz Sharif and Imran Khan could not identify and work on this issue .... Yes, our friendship with China is higher than the mountains, lower than the seabeds and flat as the bum of our financial experts in the past governments. Alas!!!
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Muhammad Fateh sher maitla Fatehsher Dec 11, 2023 07:22am
Hi Good very
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Zahid Bashir Dec 11, 2023 01:32pm
What are the items/goods for export with us?? What will we export to China?? Cost of industrial production is too high in Pakistan. Energy and power (gas, electricity) is scarce and expensive even domestic users.
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Syed Dec 11, 2023 01:45pm
Does Pakistan has the capacity to produce $100 billion products when it eyes this level of export to China or else living in fools paradise. Our bureaucrats are masters at making such claims but we have seen a through decline in our exports which are peanuts comparing to our neighbours
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Attu Ram Punjabi Dec 12, 2023 07:32am
@muhammad iqbal, We have no such arrangement, trained main power, quility of materials, lezy labourer, transport, banks system, export type machinery to produce items, main educated & R& D persons drain to foriegn countries sir. Plz. Our department can clean the Karachi, Lahore but by China, from tower to Mazar of Baba Quaid Azam sb, still dirty & no proper road, still blue, red, yellow transport in between plz from 2008 to 2023.
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waqas Dec 12, 2023 02:27pm
no chance
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Salahuddin Dec 13, 2023 12:53pm
I think Pakistan should first built its capacity then can dream big, 100 bn USD. Moreover, this new plan envisage trade in Local currency, this is highly important to be materialized as Pakistan is already facing the dearth of USD. It's important to note here that not only Pakistan have this trade deficit many other countries including India and USA are in deficit with China.
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