China’s import of cotton yarn from Pakistan soared to a record $695.6 million in 2023, up by 46.7%, according to the China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT).
This surge is part of a broader trend in which China has increased its cotton yarn imports in response to domestic challenges in Pakistan’s textile industry, including significant energy price hikes and supply disruptions leading to over a thousand factory closures.
The increase in imports is attributed to the competitive pricing of foreign cotton yarns, particularly from Pakistan, India, and Uzbekistan, with Pakistan’s exports to China growing by 351.1% in December alone. Overall, Pakistan contributed to 15.8% of China’s cotton yarn imports for the year.
Despite a 2.9% decrease in China’s total yarn trade value to $19.68 billion in 2023, imports grew by 13.2% to $5.98 billion, with cotton yarn imports jumping 43.4% to 1.687 million tons.
Cotton yarn now represents a significant portion of China’s textile imports, highlighting the country’s growing reliance on imported cotton yarn, especially from Pakistan.
We owe a lot of money to China and many other countries like Saudia, UAE etc. for financial assistance given by them. We have to return/pay these financial assistance sooner or later. Considering our present financial assistance it is highly unlikely that in the near future we can clear this debt completely.
It is daunting task to repay this debt. We must seek creditors their advice if we can pay their debt by exporting goods/ services to them. Instead we start giving them our list of goods/ services that we desire to export their debt, we must seek their advice what is their requirement of good/ services to import from Pakistan to settle this debt.
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