KARACHI: Pakistan’s exports to the Middle East experienced robust growth, rising by 28.98% to $1.257 billion in the first five months of the current fiscal year, compared to $974.50 million from the same period last year.
The surge in demand was notably observed from countries such as the United Arab Emirates, Saudi Arabia, and Kuwait, according to data compiled by the State Bank of Pakistan.
During the period under review, exports to Qatar witnessed a decrease, while the government’s recent signing of a free trade agreement with the Gulf Cooperation Council (GCC) countries is expected to further facilitate Pakistan’s exports to the region.
In the previous fiscal year (FY23), Pakistan’s exports to the Middle East had contracted by 12.62% to $2.332 billion from $2.669 billion in the preceding year. Imports also saw a decline of 7.24%, totaling $17.488 billion in FY23 compared to $18.853 billion in the previous year.
Exports to Saudi Arabia recorded a notable increase of 50% in July-November of FY24, reaching $275.65 million from $183.73 million over the corresponding months of the previous year. Saudi Arabia stands as Pakistan’s second-largest market in the region after the UAE. In FY23, exports to Saudi Arabia had risen by 13.1% to $503.40 million from $420.40 million in the preceding fiscal year.
Meanwhile, exports to the UAE saw a significant rise of 33%, totaling $817.978 million in the first five months of FY24 from $614.864 million over the corresponding months of the previous year. This rebound follows a decline of 20.23% to $1.474 billion in FY23 from $1.848 billion in the corresponding months of FY22.
The bulk of exports to the UAE was destined for Dubai, amounting to $655.90 million during July-November FY24, showing an increase of 17.59% from $557.77 million in the corresponding period last year.
Top export products to the UAE include rice, bovine carcasses, men’s/boys’ cotton ensembles, guavas, and mangoes, while top sectoral exports include cereals, articles of apparel and clothing, meat, and edible offal.
Exports to Kuwait increased by 7.4% to $51.81 million during July-November FY24 from $48.24 million over the corresponding months of the previous year. On the other hand, exports to Qatar declined by 15.84% to $96.66 million in the same period from $83.44 million during FY23. Additionally, exports to Bahrain also declined by 6.35% to $29.04 million in 5MFY24 from $31.01 million over the corresponding period last year.
