ISLAMABAD: Exports to the Middle East bounced back with a growth of 32.33 per cent to $1.506 billion in the first six months of the current fiscal year against $1.138bn from a year ago.
A surge in demand for Pakistani products was observed from countries like the United Arab Emirates, Saudi Arabia and Kuwait, according to data compiled by the State Bank of Pakistan (SBP).
However, the exports to Qatar and Bahrain decreased during the period under review.
The government has recently signed a free trade agreement with the Gulf Cooperation Council (GCC) countries which will further facilitate exports to the region.
In FY23, exports to the Middle East shrank 12.62pc to $2.332bn from $2.669bn in the preceding year. Pakistan witnessed a 7.24pc decline in imports totalling $17.488bn in FY23, down from $18.853bn in the previous year.
Exports to Saudi Arabia rose 48.27pc in July-December of FY24 to $328.23m from $221.37m over the corresponding months of last year.
Exports to the UAE surged 37.93pc to $1bn in 6MFY24 from $725.99m over 6MFY23.
However, it suffered a decline of 20.23pc to $1.474bn in FY23 from $1.848bn over the corresponding months FY22.
Pakistan’s top export products to UAE include rice, bovine carcasses and half carcasses, men’s/boys’ cotton ensembles, guavas, mangoes, etc.
Exports to Kuwait rose 2.21pc to $62.05m in July-Dec FY24 from $60.71m over the corresponding months of last year. Pakistan’s exports to Qatar declined 14.9pc to $80.70m from $94.83m during
FY23. Exports to Bahrain also declined by 1pc to $35.51m in 6MFY24 from $35.88m over the corresponding last year.
Published in Dawn, February 13th, 2024
