Pak’s exports to China Reach $2.56 Billion in 2023-24 as per TDAP report.
Pakistan’s exports to China Reach $2.56 Billion in 2023-24 fiscal year and exports to China soared to $150.3 million in June alone. June’s figure resulted in a total of $2.56 billion for the fiscal year 2023-24, as per the latest Trade Development Authority of Pakistan (TDAP) report.
In June, Pakistan’s global exports hit $2.529 billion, a 7.34% rise from $2.356 billion in the same month of the previous fiscal year. Overall, FY 2023-24 exports amounted to $30.65 billion, an increase to 10.54% from $27.72 billion the previous year.
Despite this growth, Pakistan faces a substantial trade deficit, with FY 2023-24 imports totalling $54.73 billion, leading to a $24.09 billion deficit.
Pakistan seeks to expand its export footprint. Targeting the Chinese market, Planning and Development Minister Professor Ahsan Iqbal emphasized leveraging China’s extensive import market. He urged ministries to focus on areas where China excels to boost Pakistan’s innovation, technology transfer, and capacity building.
As Pak’s exports to China Reach $2.56 Billion in 2023-24, it aims to increase its share in the Chinese import market, collaboration with Chinese experts is expected to foster innovation and sustainable economic growth. This strategic focus on China’s market is seen as essential for addressing the trade deficit and achieving long-term economic stability.
Pakistan is actively engaging with China through CPEC and other channels to enhance its economic trade. The collaboration with Chinese experts will play a pivotal role in fostering sustainable economic development. The strategic focus on Chinese market is a crucial step in this path.
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