An Overview of China-Pakistan Economic and Trade Cooperation in 2020

According to China's Ministry of Commerce, bilateral trade between China and Pakistan totaled 17.49 billion U.S. dollars in 2020, decrease 2.7 percent year-on-year. Among them, China's export to Pakistan was US $15.37 billion, decrease 4.9%; Imports from Pakistan reached US $2.12 billion, increase 17.5% year-on-year.  As a result, the bilateral trade deficit shrank 7.73% to U.S. $13.25 billion.

According to Pakistani statistics, since fiscal year 2015, China has been Pakistan's largest trading partner for six consecutive years, and its the largest source of imports and the second largest export destination for Pakistan.  In the 2019-2020 fiscal year, bilateral trade totaled U.S. $10.67 billion, with China-Pakistan trade accounting for 16.7% of the total.  The bilateral trade deficit dropped to U.S. $7.35 billion, it narrowed 11.45% year-on-year, showing a downward trend for three consecutive years, and the trade imbalance continued to improve.