Pakistan’s export to China crossed $ 1.039 billion in the first quarter of 2022, recording a nearly 17% increase from January to March this year, as per the General Administration of Customs of the People’s Republic of China (GACC).
According to data from GACC, in the first three months of this year, China’s exports to Pakistan also increased 28.69 percent amounting to $6.058 billion as compared with the previous year which was $ 4.70 billion.
Badar uz Zaman, Commercial Counselor of the Pakistani Embassy in Beijing told China Economic Net (CEN) after the implementation of the second phase of China-Pakistan Free Trade Agreement in 2020 – which allowed Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties – and with the deepening of economic and trade cooperation between the two countries, bilateral trade is increasing every year.
“Now Pakistani traders can export overall more than 1,000 items to China at zero tariffs which helped enhance Pakistan’s exports to China,” he stated.
He further said that the second phase of China-Pakistan Economic Corridor (CPEC) with a special focus on agriculture, science and technology, and socioeconomic development also assisted the expansion of cooperation.
Besides, the enhanced agricultural cooperation over the last two to three years between the two countries, especially in hybrid seeds, latest technologies, pesticides, and urea, helped increase the production of crops and this surplus yield helped increase export to China.
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Among the growth of trade in major products between the two countries, textiles, seafood, and agricultural products have increased year on year, which has promoted Pakistan’s economic recovery and increased its exports to China.
Moreover, China has imported Pakistani pine nuts in the first two months of this year touching a historical figure of US $17.67 million.
Courtesy: APP with additional input by GVS