ISLAMABAD: Pakistan’s commerce deficit with the Center East has considerably improved, narrowing by 26 per cent to $10.67 billion within the first 10 months of the present fiscal yr, primarily attributable to decreasing petroleum imports from the area.
The commerce imbalance with the area has decreased for the reason that starting of the present fiscal yr, primarily due to lowered consumption of petroleum merchandise, as costs have continued to rise through the months below evaluate.
In absolute phrases, Pakistan’s exports to the Center East rose 31.88pc to $2.52bn between July-April 2023-24 in comparison with $1.91bn within the corresponding interval final yr.
On the similar time, imports dipped 19.22pc to $13.19bn in 10M FY24, in comparison with $16.34 bn in the identical interval final yr, in accordance with knowledge compiled by the State Financial institution of Pakistan (SBP).
Pakistan has just lately signed a free commerce settlement with the Gulf Cooperation Council (GCC) states to minimise its commerce imbalance with the area.
The demand for Pakistani merchandise has surged within the United Arab Emirates, Saudi Arabia and Kuwait.
Pakistan witnessed a 7.24pc decline in imports totalling $17.49bn in FY23, down from $18.85bn within the previous yr. In FY23, exports to the Center East shrank 12.62pc to $2.33bn from $2.67bn within the previous yr.
Exports to Saudi Arabia rose 42.91pc in 10M FY24 to $579.43m from $405.44m in 10M FY23. On the similar time, imports from Saudi Arabia elevated by 0.26pc to $3.79bn in 10MFY24 towards $3.78bn in the identical interval final yr.
Exports to the UAE surged 35.62pc to $1.64bn in 10MFY24 from $1.21bn in 10M FY23, primarily attributable to a major rise in exports to Dubai. Most of those exports have been directed in direction of Dubai, amounting to $1.36bn this yr, in comparison with $1.09bn throughout the identical interval final yr, indicating a rise of 24.93pc.
Pakistan’s prime export merchandise to the UAE embody rice, bovine carcasses, males’s and boys’ cotton ensembles, guavas and mangoes.
Opposite to this, imports from UAE declined by 22.67pc to $5.06bn in 10MFY24, in comparison with $6.539 bn within the corresponding interval final yr.
Exports to Bahrain elevated by 7.49pc to $58.78m in 10MFY24 from $54.68m within the corresponding interval final yr.
Printed in Daybreak, Could twenty fifth, 2024