Daily Times

Exports of Pakistan to the US during the months of Oct & Nov 2020 stood at USD 430 million & USD 437 million respectively. This is the first time that exports to the US have crossed US dollar 400 million mark in a month.

The aforesaid announcement was made by Adviser to Prime Minister of Pakistan for Commerce and Investment, Abdul Razak Dawood on his Twitter handle.

‘It is a great achievement by our exporters & I encourage them to market their exports to the US aggressively in order to capture a greater share of the market’, he said.

Moreover, China’s politically sensitive trade surplus soared to a record US$75.4 billion in November as exports surged 21.1% over a year earlier, propelled by American consumer demand.

Exports to the United States rose 46% despite lingering tariff hikes in a trade war with Washington, customs data showed Monday.

Total exports rose to $268 billion, accelerating from October’s 11.4% growth. Imports gained 5% to $192.6 billion, up from the previous month’s 4.7%.

Chinese exporters have benefited from the economy’s relatively early reopening after the Communist Party declared the coronavirus pandemic under control in March while foreign competitors still are hampered by anti-disease controls.

“Exports were much stronger than expected in November,” said Julian Evans-Pritchard of Capital Economics in a report.

Forecasters say that surge is unlikely to last into 2021 once coronavirus vaccines are rolled out.

“We expect export performance to be less impressive,” said Louis Kuijs of Oxford Economics in a report.

China’s global trade surplus for the first 11 months of 2020 is $460 billion, up 21.4% from this time last year, already one of the highest ever recorded.

Exports to the United States rose to $51.9 billion while imports of American goods gained 33% to $14.6 billion. The trade surplus with the United States swelled 52% over a year earlier to $37.3 billion.

Beijing promised to buy more American soybeans, natural gas and other exports as part of the “Phase 1” agreement signed in January and aimed at ending a costly tariff battle over Chinese technology ambitions. China fell behind on meeting those commitments earlier in the year but is catching up as demand rebounds.