China remains the top importer of Pakistani products during the first five months of FY19/20
The first free trade agreement was signed between Pakistan and China in 2016.
According to official data, in the fiscal year 2019, bilateral trade volume between Pakistan and China reached $15.6 billion, up from $2.2 billion in 2005.
Pakistan and China are partners in the multi-billion dollar CPEC, which is an ambitious project connecting Asia with Europe and Africa to increase trade and economic growth.
The first free trade agreement was signed between Pakistan and China in 2016. Under the agreement, Pakistan is enjoying zero duties on exports of 724 products to China.
The second phase of the agreement was signed in April last year, during Prime Minister Imran Khan’s visit to China. After the implementation of the second agreement, Pakistan was able to export more than 1000 products to China without any duty charges.
Pakistani products such as agriculture, leather, confectionery items, and biscuits will get maximum benefits with the new agreement.
~ Here are the top 13 countries that serve as the biggest trade markets for Pakistan. A significant decrease in imports was noticed as compared to the past year.
China remains the top importer of Pakistani products during the first five months of the ongoing fiscal year. The imports stood at $4,025.177 million.
A decrease of 5.49% has been observed in imports from China during the period under review. During the last financial year, the imports were $4,259.085 million.
2. UNITED ARAB EMIRATES
After China, the UAE is the biggest importer to Pakistan. Goods worth $3,070.454 million were imported during the period under review. A decrease of 28.60% was witnessed in this as well. The figure stood at $4,300.905 million last year.
Singapore was the top-third country where Pakistan imported goods from. The total imports were valued at $917.708 million. This figure also decreased by 48.18% as compared to the last year.
During the first month of FY19-20, Pakistan’s imports from Qatar stood at $794.654 million. During the last year, the imports were valued at $786.815 million. A small increase of 0.99% was noticed.
5. UNITED STATE OF AMERICA
Pakistan’s imports from the USA were recorded at $729.167 million against $747.560 million last year, showing a decrease of 2.46%.
6. SAUDI ARABIA
Imports from Saudi Arabia were recorded to be at $622.855 million. Last year, these imports valued at $1309.231 million.
Imports from Japan also saw a significant decrease. During the first five months of the current fiscal year, the imports were recorded to be at $519.089 million, while last year they were at $680.868 million.
During the period under review, imported goods from Indonesia were valued to be at $425.935 million against $495.532 million.
Imports from Kuwait stood at $422.371 million, this digit also dropped down from $484.566 million.
Pakistan imported goods from Malaysia worth $392.199 million, whereas, during the last fiscal year, the imports stood at $443.824 million.
Germany exported goods worth $389.059 million to Pakistan. The imports from Germany decreased by a significant amount. Last year, the imports were valued at $452.929 million.
Goods worth $375.100 million were imported by Pakistan from Thailand during the first five months of the current fiscal year.
13. SOUTH AFRICA
Imports from South Africa stood at $339.823 million. However, last year the imports were at $295.634 million.
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