Pakistan’s exports to China may reach $3 billion this year: envoy
BEIJING: Pakistan has registered over 80 per cent increase in its exports to China in the first six months of 2021, and keeping in view the momentum, the country is all set to achieve a historic milestone of $3 billion at the end of this year, Pakistan’s Ambassador to China Moin ul Haque said on Thursday.
“The bilateral trade between Pakistan and China has registered an 80 per cent increase in the first-half of the [current] year, compared with the same period of the last year,” he told APP.
Phase two of the China-Pakistan Free Trade Agreement was launched last year and its positive results were there, he said.
“[The] 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,” the ambassador added.
The FTA now allows Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties, he said, adding that 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 now been allowed to export more than 1,000 products to China with zero duties, Haque said, adding that this facility is particularly benefiting the agriculture, leather, confectionary items, and biscuits product sectors, as well.
A senior official said Pakistani exporters and traders should establish good brands to attract Chinese customers and further increase exports to China.
With an increase in the per capita income in China, the consumer products were now getting a lot of attention from across the world.
“As Pakistan is also good in production of consumer products, especially in textiles, leather, sports goods, surgical and food-related industries and agriculture, there will be a strong Chinese demand in these areas,” the official added.
According to the 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 70.30 per cent from $1.019 billion during the same period of the previous year.
China’s export to Pakistan also increased 48 per cent, amounting to $10.87 billion during the half-year, compared with the previous year, which was $7.35 billion.
The total volume of trade between the two countries increased 50.80 per cent to $12.60 billion, compared with $8.37 billion in 2020 due to the 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.
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