Pakistan’s exports to China in fiscal year 2020-21 stood at $2.3 billion, up by $600 million as compared with $1.7 billion during the previous fiscal year, the ministry of commerce told Gwadar Pro on Friday, exclusively.
The ministry said that Pakistan’s export of goods and services to China posted a robust growth of 33% YoY, as compared with the fiscal year 2019-20.
According to the figures released by State Bank of Pakistan, for 3 quarters of the fiscal year 2020-21, the export volume for the 4th quarter stands at $900 million, marking a historic growth in Pakistan’s exports to China.
As per the SBP data, Pakistan’s exports to China in 9MFY21 grew by 8.4% to $1.41 billion from $1.30 billion in 9MFY20. However, the exponential growth in the last quarter resulted in an overall increase of 33% in Pakistan’s exports to China in the outgoing fiscal year.
Pakistan has witnessed a steady growth in its exports to China after implementation of the upgraded free trade agreement between the two countries. Under the China-Pakistan Free Trade Agreement (CPFTA) Phase II, effective January 1, 2020, China has granted duty-free access to as many as 313 Pakistani items to the Chinese market. The purpose of the upgraded FTA is to enhance Pakistan’s exports to China to balance the trade between the two all-weather friends.
Aneel Butt, spokesperson for the ministry of commerce, said that Pakistan was making all out efforts to take maximum advantage of the concessions granted by Iron Brother China under the upgraded FTA. He said that the phenomenal growth in Pakistan’s exports to China during the 4th quarter of the fiscal year 2020-21 was an indication that the Chinese market had unmatched opportunities for Pakistani exporters. The export volume will grow further in the future, he said.
During March 2021, Chinese Counsel General in Karachi Li Bijian assured full support to Pakistani food and livestock exporters to tap the Chinese market. China is also assisting Pakistan in developing its agriculture sector by enhancing productivity through the use of modern technology.
Source: China Economic Net