Exports from Pakistan to China surged to $150.3 million in June, ending the fiscal year 2023-24 with a total export volume of $2.56 billion, according to recent data. In June alone, Pakistan’s overall global exports amounted to $2.529 billion, marking a 7.34% increase from $2.356 billion recorded in the same month of the previous year. For the entire fiscal year 2023-24, total exports reached $30.65 billion, up 10.54% from $27.72 billion in the previous year.
Despite this growth, Pakistan continues to face a significant trade deficit. Imports for FY 2023-24 totaled $54.73 billion, resulting in a trade deficit of $24.09 billion. In response, Pakistan is strategically targeting the Chinese market to expand its export opportunities. The Minister of Planning and Development has underscored the importance of utilizing China’s extensive import market. Ministries are being encouraged to focus on sectors where China has significant expertise to enhance innovation, technology transfer, and capacity building.
Collaboration with experts from China is anticipated to be crucial for driving innovation and supporting sustainable economic growth. This targeted approach is seen as a key strategy for addressing the trade deficit and achieving long-term economic stability.
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