ISLAMABAD: Pakistan’s commerce imbalance with the Center East has considerably improved, narrowing by 20.47 per cent to $13.014 billion in 2023-24 from $16.365bn the previous yr, owing primarily to decrease petroleum imports from the area.
The commerce imbalance with the area has seen a lower for the reason that starting of the present fiscal yr. This may be attributed to a decline within the consumption of petroleum merchandise, which is a results of the continual rise in costs in the course of the months underneath overview.
In absolute phrases, Pakistan’s exports to the Center East rose 35.23pc to $3.155bn between July-June FY24 in comparison with $2.33bn within the corresponding interval final yr.
On the identical time, imports dipped 13.53pc to $16.16bn in FY24, in comparison with $18.69bn in the identical interval final yr, in keeping with knowledge compiled by the State Financial institution of Pakistan.
Pakistan has not too long ago signed a free commerce settlement with the Gulf Cooperation Council (GCC) states to minimise its commerce imbalance with the area.
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 shrunk 12.62pc to $2.33bn from $2.67bn within the previous yr.
Nonetheless, the demand for Pakistani merchandise has surged within the United Arab Emirates (UAE), Saudi Arabia and Kuwait.
Exports to Saudi Arabia rose 40.98pc in FY24 to $710.335 million from $503.851m in FY23. On the identical time, imports from Saudi Arabia declined by 0.01pc to $4.49bn in FY24 in opposition to $4.50bn in the identical interval final yr.
Printed in Daybreak, July twenty sixth, 2024