The Government of Pakistan proclaimed in their statistical report that Pakistan’s balance of trade in August, 2017 was (-) 3,086 million in US dollar. Although the balance of trade statistics cumulative from July-August, 2017 were recorded (-) $6,290 million. According to the provisional statistics compiled by the Pakistan Bureau of Statistics, in terms of US dollars the exports in August, 2017 was $1,866 million (provisional) as compared to $1,631 million (provisional) in July, 2017 showing an increase of 14.41 percent and by 12.89 percent as against to $1,653 million in August, 2016.
Furthermore, exports during July-August 2017 was recorded at $3,497 million (provisional) as compared to $3,128 million during the same period of previous year explaining a rise of 11.80 percent. On the other hand the Government of Pakistan also calculated that imports into Pakistan during August, 2017 was recorded at $4,952 million (provisional) as against to $4,835 million (provisional) in July, 2017 explaining a rise of 2.42 percent and by 15.08 percent as against to $4,303 million in August, 2016. It is also mentioned that imports during July-August, 2017 totaled $9,787 million (provisional) as compared $7,839 million during the same period of last year explaining a rise of 24.85 percent.
Presently, Pakistan and China have inked 38 contracts value $325 million to promote bilateral trade. These inked documents will pave the way for improving sale of Pakistani commodities in the Chinese market. The total value of this contract is the same to 17 percent of China’s gross import from Pakistan. The commodities to be imported from Pakistan includes leather, marble, seafood and coarse copper.
Economists have believed that this was a step forward, correcting balance of payment in bilateral trade between these two states. Furthermore, China is Pakistan’s second largest export destination for the last couple of years. In 2016, Pakistan export to China reached at $1.9 billion. Whereas the export from Pakistan to China has grown from $550 million to $1.91 billion presently. Net increase was by 248 percent.
There has been rising trend in the bilateral trade, since the signing of free trade agreement between these two states. China’s President Xi Jinping recent visit to Pakistan said it raised the level of their strategic cooperative partnership to a new height. The Sino-Pak friendship has now turned into a role-model for the mutual respect and interest between the two nations. Economists also mentioned that in present time, the Belt and Road’s initiative and the China-Pakistan Economic Corridor (CPEC) have offered historical opportunities to both states to further deepen their bilateral ties in trade and economic fields. It is also said Pakistan goods including textile, mineral and agriculture-based products are well-received in the Chinese market.
About the CPEC, economists mentioned that it was bringing optimistic results enhancing the living situations of the citizens. In last, as I have mentioned in my different articles that with the development of CPEC, Pakistan will be able to enhance its energy, transportation infrastructure.