Yiwu fuels new boom in Pak-China trade
YIWU, April 14 (Gwadar Pro)- “With the inauguration of the Pakistani national pavilion in Yiwu, a city in China known as the “world supermarket”, export of Pakistan’s specialty products to China and the world will be promoted. We anticipate that more enterprises will learn about Pakistani products through this window and furthermore, invest in Pakistan,” emphasized Ghulam Qadir, Commercial Counsellor at the Pakistan Embassy in Beijing.
Opening ceremony of Pakistani national pavilion in Yiwu
The pavilion displays a range of products including handmade carpets, jewelry, sports goods, rice, Himalayan salt lamps, textiles, handicrafts, dried fruits, and more, all of which are among the featured products exported by Pakistan to China. Cotton yarn, grains, and mineral sand have long been Pakistan's top three exports to China, accounting for approximately 60%, 10%, and 6%, respectively
Yiwu is a vital crossroads for trade between China and Pakistan. The city is home to a significant number of Pakistanis, and Yiwu, China has the highest number of Pakistani registered foreign companies among world cities. Imports and exports between Pakistan and China in Yiwu reached $180 million in the first two months of 2023, a 49.4% year-on-year increase, including $11 million in imports, a 3.2-fold year-on-year increase.
According to the Yiwu Municipal Bureau of Commerce, the import and export from Yiwu, China to Pakistan in 2022 was $1.057 billion, an increase of 81.3% year on year, with import amounting to $83 million, an increase of 7.6 times year on year.
At the Pakistan Economic and Trade Information Sharing Conference held by Yiwu Municipal Bureau of Commerce and Pakistan Purchasers Service Center on Wednesday, the Commercial Counsellor introduced trade and investment opportunities in Pakistan and hoped more enterprises in Yiwu to tap the huge potential of Pakistan, which is predicted to be the 6th largest economy by 2075.