Pakistan’s exports to China surged by 89% in Q1 FY’22
ISLAMABAD,Nov.2(Gwadar Pro) - Pakistan’s exports to China have surged by 89% to USD 678 million from USD 359 million in the first quarter (July-September) in the Fiscal Year 2021-22 as against the same period of FY 2020-21, according to Trade Development Authority Pakistan (TDAP)'s latest quarterly report.
The report shows that Pakistan's overall exports to different countries of the world have surged by 28% to USD 6.99 billion from USD 5.4 billion in Q1 of FY 2021-22 as against the same period of FY 2020-21. In addition to China, export destinations with increasing value include the USA, the United Arab Emirates, Italy, the United Kingdom, Germany, the Netherlands, Spain, Bahrain, Italy, and Bangladesh.
Pakistan exported mainly textile and its products to major export destinations with the textile sector showing growth of 27% in Q1 FY 2021-22.
According to TDAP, the growth comes amid a rebound in the global and regional economy, as countries are slowly opening up from the Covid-19 induced lockdown phase. As compared to other countries of the region, economic activities in Pakistan have resumed early due to the government’s efforts to control Covid-19.
The exports of rice to different destinations of the world have shown a significant increase of 18% in Q1 of FY 2021-22. Pakistan's overall rice exports amounted to USD360 million in the July-September Q1 FY 2020-21 quarter a year ago and increased to USD 423 million in Q1 FY 2021-22. China has emerged as a new market for Pakistani non-basmati rice varieties, according to the quarterly report.
At the same time, Pakistan's exports to Afghanistan, Denmark, South Korea, Indonesia, Slovenia, Czech Republic, Lithuania, Finland, Senegal, and Congo have shown a decrease. Afghanistan is one of the countries with Pakistan's export to the countries registered negative growth in Q1 FY 2021-22.
During the Q1 of FY-22 Pakistan’s imports from China, UAE, KSA, Indonesia, US, Qatar, Japan, and Thailand has increased as compared to the same period in FY-21. Pakistan imported Covid-19 vaccines in bulk from China and it is reflected in the increase in imports of Pharmaceutical or Medicinal products.
The imports from China to Pakistan have registered an increase in the petroleum oils and oils obtained from bituminous minerals (excluding crude), human blood, animal blood prepared for therapeutic, prophylactic, mineral, or chemical fertilizers containing two or three of the fertilizing elements nitrogen, polymers of propylene or of other olefins, in primary forms and electric generating sets and rotary converters in Q1 FY 2021-22.
According to TDAP’s report, Pakistan’s economy is on the path to recovery, which is supported by promising growth in the industry and services sectors. The continued rollout of the Covid-19 vaccination program, structural reforms, and the expansion of social protection (Ahsas) programs are all key to ensuring inclusive and sustainable growth. The country's economy has shown significant signs of economic recovery with the fast resumption of economic dynamism. In the recent budget FY 2021-22, the government has taken growth-oriented initiatives and will continue to follow the positive reform momentum which will help to boost the competitiveness of Pakistan's economy and lay a strong foundation for a more robust, inclusive, and sustainable recovery. The significant 27% growth in Q1 FY 2021-22, shows that the country's economic growth will further increase in the next quarter.