Pakistan's exports to China increase by 72.78% annually

Karachi: Pakistan's exports to China recorded a significant increase of 72.78 percent on annual basis.

According to the official data, during the first five months of July to November of this financial year, a significant increase of 72.78% was seen in Pakistan's exports to China compared to the same period of the previous financial year.

According to the report, the main reason for the increase in Pakistan's exports this fiscal year is the Pakistan-China Free Trade Agreement and favorable prices in the Chinese market. During July to November of this fiscal year, Pakistan exported $1307.89 million ($1.31 billion) to China which shows a significant increase of 72.78% compared to the exports of $756.98 million registered during the same period of the previous financial year.

Pakistani rice is becoming popular in the Chinese market. Pakistan exported $455 million worth of rice to China in 2022. This year, Pakistani exporters are eyeing the Chinese market to gain more share.

Exports of cotton yarn and refined copper saw significant growth, including a 49.77 percent increase in cotton yarn exports, reaching $480.01 million, and a 49.89 percent increase in refined copper exports, compared to the same period last fiscal year. The competition has a total of $300.56 million.

A large part of these commodities were exported to China due to the China-Pakistan Free Trade Agreement and good prices in the Chinese market.

Pakistan mainly exports sesame seeds, which account for 99 percent of its total oilseed exports. In early December, the first 50 tons of sesame seeds cultivated through a program launched by the Chinese company CMEC left for China. This innovative agricultural cooperation, which began in early 2023, aims to expand to 30,000 acres with an expected export volume of 10,000 tons to China.

More than 80% of total sesame exports were exported to China. Due to Pakistan-China Free Trade Agreement and good prices in the Chinese market, Pakistan's sesame exports have seen an upward trend during fiscal years 2023 and 2024.

During the first quarter of the current fiscal year, Pakistan's sesame seed exports to China increased by $148 million, showing a quarter-on-quarter growth of 405.8 percent. Sesame seed exports to China hit an unprecedented high of 64,711 tons worth $113.66 million in November, up from 16,728 tons worth $25.57 million in the same month last year.

Pakistan, a major global meat producer, mainly exports to the six countries of the Gulf Cooperation Council (GCC) along with Vietnam, Afghanistan, Indonesia and China. Exports of meat and by-products from Pakistan increased by 25% to $427 million during the last fiscal year and reached $113 million in the first quarter of this fiscal year by $20 million.