Raza Khan

Pakistan-China bilateral trade declined by 42% in October 2022 compared to the same month of last year, according to the Ministry of Commerce. Trade between the two countries dropped to $1.135 billion in October 2022 from $1.952 billion in the corresponding month of last year. Despite a decline in bilateral trade, China remains Pakistan’s largest trade partner during each month of the current fiscal year.

Bilateral trade in October slightly increased by 2% compared to the preceding September, when trade volume was recorded at $1.112 billion. Pakistan’s exports to China dropped by 28% in October compared to the same month of last year, shows data available with WealthPK.

Exports to China fell to $203.28 million in the month under review from $281.3 million in the corresponding month of 2021. Imports from China also declined by 44% in October and reduced to $932.2 million from $1.671 billion in the same month of last fiscal.

However, Pakistan’s exports to China grew by 16% in October this year compared to the preceding month (September) when the export volume was recorded at $175 million. Imports from China posted negative growth of 0.53% in the month under review against September. Import volume remained at $937 million in September.

Despite a decline in bilateral trade, China remained Pakistan’s largest source of imports and second largest export destination in October. Earlier, a decline of 45.70% was also recorded in bilateral trade in September. Trade between the two countries dropped to $1.112 billion in September 2022 from $2.048 billion in the corresponding month of last year.

Pakistan recorded a $729 million trade deficit in its bilateral trade with China in October compared to the deficit of $1.39 billion in the same month of 2021. Pakistan’s trade deficit was reduced by 47.55% in the month under review.  A decline of 30.67% in bilateral trade was also observed in the first quarter (July-September) of the current fiscal year 2022-23.

Volume of bilateral trade between Pakistan and China dropped to $3.952 billion in first quarter of the current fiscal year from $5.701 billion in the same period of last fiscal year, data shows.

With a bilateral trade volume of $19.457 billion, China remained Pakistan’s largest trade partner in 2021-22. Pakistan’s exports to China were recorded at $3.111 billion in 2021-22, while imports were registered at $16.346 billion. 

Pakistan’s export items to China include cotton, copper, cereals, fish, crustaceans, molluscs, aquatics invertebrates, oil seed, oleagic fruits, grain, seed, fruits, beverages, spirits and vinegar, aluminium, apparel, salt, sulphur, leather and plastics. Pakistan’s imports from China are electrical, electronic equipment, machinery, nuclear reactors, boilers, pharmaceutical products, mineral fuels, oils, distillation products, organic chemicals, iron and steel, vehicles other than railway, tramway, plastics, fertilisers, manmade filaments, and rubbers.

Credit : Independent News Pakistan-WealthPk