The Business Report
ISLAMABAD: Pakistan’s exports of goods and services to China grew by 3.93 percent during the first eight months of the current fiscal year compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported. The overall exports to China were recorded at $1150.523 million during July-February (2018-19) against exports of $1107.004 million during July-February (2017-18), PBS data revealed.
On the other hand, the imports from China into the country during the period were recorded at $6633.191 million against $7326.706 million last year, showing negative growth of 9.46 percent in first eight month of current fiscal year. Based on the trade figures, the trade of goods and services with China witnessed decrease of 11.85 percent in deficit during first eight months of ongoing fiscal year as compared to the corresponding period of last year.
The deficit during the period under review was recorded at $5482.668 million against $6219.702 million during same period of last year, the data revealed. The commodities that contributed positively growth in exports included fish frozen exports of which grew from $23.563 million last year to $44.048 million during the current fiscal year, showing growth of 86.93 percent. The exports of rice also increased by 77.70 percent, from $71.829 million to $127.645 million whereas the exports of flour, meal and meat (not for human) increased by 132 percent, from $8.959 million to $20.786 million.
The exports of fruits nuts grew by 437.15 percent, from $0.681 million to $3.658 million while the exports of refined copper and copper alloys increased by 515.35 percent, from $5.908 million last year to $36.355 million, the data revealed. Over all Pakistan’s exports to other countries witnessed an increase of 0.16 percent in eight months, from $19.486 billion to $19.454 billion, the SBP data revealed.
Meanwhile, the commodities that contributed positively growth in imports included rice imports of which grew from US $3.829 million last year to US $9.311 million during the current fiscal year, showing increase of 143.17 percent. The imports of ginger, saffron, turmeric, thyme, bay leaves and curry also increased by 4.70 percent, from $26.706 million to $27.963 million whereas the imports of nitrile- function compounds increased by 14.69 percent, from $66.659 million to $76.457 million.
The imports of palm oil and its fractions also increased by 358.68 percent, from $0.881m to $4.04m whereas the imports of carbon NES increased by 106.73 percent, from $3.963 million to $8.193m. The imports of tomatoes prepared or preserved NES increased by 20.67 percent, from $2.549 million to $3.076 million whereas the imports of heterocyclic compounds with nitrogen hetero-atom(s) also increased by 25.18 percent, from $26.212 million to $38.814 million.
The overall imports into the country decreased by 4.85 percent, from $43.004 billion to $41.032 billion, according to the data.