In a significant economic development, Pakistan’s exports to South China recorded a 16% growth in 2023, according to a report by China Economic Net (CEN).
Muhammad Irfan, Trade and Investment Counsellor at Pakistan’s Consulate in Guangzhou, attributes this rise to stronger trade relations and strategic efforts to diversify Pakistan’s export markets.
Data from the General Administration of Customs of China (GACC) shows that exports to South China surged to $973.21 million in 2023 from $836.645 million the previous year. This growth highlights the robustness of Pakistan’s export sector, with Guangdong and Fujian Provinces being the primary importers of Pakistani goods.
The increase is partly due to the China-Pakistan Free Trade Agreement (CPFTA), which has made Pakistani goods more competitive in China by reducing tariffs. Events like the Food & Agriculture Exhibition and TEXPO 2023 further boosted exports, especially in textiles, leather, seafood, and agricultural products.
The Pakistani government has supported this growth through various incentives, including subsidized loans and export financing schemes. The geographical proximity between South China and Pakistan has also facilitated trade, reducing transportation costs and time.
This export surge not only benefits Pakistan’s economy but also helps in balancing the trade relationship with China, moving towards reducing Pakistan’s reliance on Chinese imports. This marks a positive step towards a more balanced and mutually beneficial economic relationship between Pakistan and China.
