The overall bilateral trade between Pakistan and China in 2012 crossed the figure of US$ 12 billion for the first time, according to the latest data released by the China Customs.

This puts Pakistan firmly on track to achieve the target of US$ 15 billion in the next two to three years, said Pakistan Ambassador to China Mr. Masood Khalid. The leadership of the two countries has paid special attention to augmenting and cementing trade relations between two countries and bring them at par with our strategic partnership and political relations, said Ambassador Masood Khalid.

The data shows that Pakistan-China trade increased by 17.6% to a total of US$ 12.4 billion in 2012. In a welcome development, Pakistan’s exports to China increased by 48.2% to US$ 3.14 billion. Imports from China increased by 9.9% to US$ 9.2 billion. The two way trade in 2011 was US$ 10.6 billion.

The biggest increase in Pakistan exports to China in 2012 has been in textiles and textile articles, vegetable products, ores and mineral products, leather goods and base metals. Similarly, major imports from China include machinery and mechanical appliances, textiles and textile products, metals, chemical products, mineral ores, plastic scrap and transport equipment.

Ambassador Masood Khalid praised the role played by the Ministry of Commerce, Trade Development Authority of Pakistan and the Pakistan Federation of Chambers and Commerce in boosting the trade between the two countries.

Pakistan also actively participated in a number of fairs/EXPOs last year such as the Eurasia Expo, Canton Fair and Kunming Fair. This provided exhibitors from Pakistan to display products and helped boost the exports. Pakistan traders have been especially focusing on textiles, leather, sports goods, precious stones and handicrafts.

We hope to build on this momentum and further increase our trade in future, said Ambassador Masood Khalid. More trade delegations from Pakistan would be encouraged to visit China and participate in the fairs and EXPOs, said the Ambassador.

We have an excellent and broad economic architecture in place between our two countries, Ambassador Masood Khalid said. In order to exploit it to the full, it is vital to diversify export basket, introduce value addition and provide better quality of goods and services, he added.