Business
Pakistan’s exports to China likely to touch $3 billion by year end: Ambassador Haque
Beijing: Pakistan has witnessed over 80 per cent increase in its exports to China in the first six months of 2021, the Pakistan's envoy to China said Thursday.
"Keeping in view the momentum, the country is all set to achieve historic milestone of $3 billion at the end of this year," Pakistan Ambassador to China Moinul Haq.
He told APP that the bilateral trade between Pakistan and China has registered 80 per cent increase in the first half of this year as compared to same period of the last year.
He said the phase two of China-Pakistan Free Trade Agreement was launched last year and its positive results were there.
“Pakistan Embassy and Consulates in China are also setting up Pakistan pavilions and holding promotional events in different cities to promote Pakistani products and goods into the Chinese market,” he added.
The FTA now allows Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties.
Pakistan is already enjoying zero duties on exports of 724 products to China under the first free trade pact signed between the two countries in 2006. After implementation of the second pact, Pakistan has been now allowed to export more than 1,000 products to China with zero duties.
The new facility is particularly benefiting the agriculture, leather, confectionary items, and biscuits product sectors as well.
According to a senior official, Pakistani exporters and traders should establish good brands to attract Chinese customers and further increase exports to China.
With increase in the per capita income in China, the consumer products were now getting a lot of attention from all over the world.
“As Pakistan is also good in production of the consumer products, especially in the textile, leather, sports goods, surgical and food related industries and agriculture, there will be a strong Chinese demand in these areas,” the official said.
According to official data from the General Administration of Customs of People’s Republic of China (GACC), the bilateral trade between Pakistan and China witnessed a significant increase despite the COVID-19 pandemic. Pakistan’s exports stood at $1.735 billion in the first half of 2021, up 70.3 percent from $1.019 billion in the same period of the previous year.
This half fiscal year China’s export to Pakistan also increased 48 percent amounting to $10.87 billion as compared with the previous year, which was $7.35 billion.
The total volume of trade between China and Pakistan had increased by 50.8 percent amounting to $12.6 billion as compared with 2020 which was $8.37 billion due to COVID-19 pandemic.
Among the growth of trade in major products between the two countries, textiles, seafood and agricultural products have increased year on year, which has increased Pakistan’s exports to China.
SOURCE: APP