https://sputniknews.in/20231016/exports-from-pakistan-to-china-increased-by-1005-4854739.html

Pakistan's Exports to China Soar by Over 100% in September

Pakistan's Exports to China Soar by Over 100% in September

Sputnik India

Pakistan's exports to China in September 2023 increased by a stunning 100.5% when compared to the same month during the previous fiscal year.

2023-10-16T14:39+0530

2023-10-16T14:39+0530

2023-10-17T10:33+0530

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Pakistan's exports to China in September 2023 increased by a stunning 100.5% when compared to the same month during the previous fiscal year, according to the most recent report from the Trade Development Authority Pakistan (TDAP).In September, Pakistan's exports to all its trading partners were $2.465 billion, with China accounting for $14.20 million of that total, Gwadar Pro’s report said.Pakistan's exports to all partner nations worldwide totaled $6.899 billion in the first quarter of FY 23–24.According to Pakistani government figures, Pakistan's exports to China were stable in July, August, and September at $168.5 million, $211 million, and $350.2 million, respectively.Pakistan imported goods worth $3.954 billion from a variety of nations in September 2023, a decline of 25.30% from the $5.293 billion total in the same month the year before.In September 2023, Pakistan imported $933 million from China, a 1% decrease from the $926.17 million imported during the same month in the previous year.Similarly, Pakistan's total imports during the first quarter of FY23–24 were registered at $12.188 billion, a 25.36% drop from the $16.329 billion recorded during the same time in the previous fiscal year.Meanwhile, according to the Annual Analytical Report on External Trade Statistics 2022 published by the Pakistan Bureau of Statistics (PBS), despite a 25.5% increase in exports but a 42.1% increase in imports, Pakistan's trade imbalance expanded by 55.6%.Furthermore, during the first part of 2023, Pakistan seemed to be heading towards an economic default. Pakistan's 2019 IMF loan agreement had gotten off course after the Fund considered Islamabad's commitment to change to be inadequate, which resulted in a suspension of loan disbursements.The government put harsh import restrictions in place to stop the flow of dollars out of the country and prevent default. Due to this, import-dependent businesses experienced a significant economic downturn, and there was a lack of basic goods and an increase in inflation.In the months preceding the Stand-by Arrangement (SBA), China was crucial in preventing Pakistan's default. By rolling over and refinancing roughly $7 billion, China assisted Pakistan in reducing its burdensome debt obligations.Similarly, Saudi Arabia and the UAE offered $2 billion and $1 billion, respectively. Saudi Arabia and the UAE provided the promised funds after Pakistan signed the agreement with the IMF in July, and this was a key factor in saving Pakistan's economy from collapse.

https://sputniknews.in/20230905/is-promise-of-rapid-economic-revival-in-pakistan-realistic-4053015.html

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