pakistan sees increase in exports to middle east
Pakistan is seeing a rise in exports to Middle Eastern countries after dipping down to record lows in the recent months with a rise of 20.82 percent recorded in the month of July.
According to the data of State Bank of Pakistan, the growth in exports is attributed to the revival in demand from Middle Eastern countries, including Saudi Arabia, Qatar, Kuwait and Bahrain. However, a decrease in exports was recorded in exports to the United Arab Emirates.
Pakistan recorded a decrease in exports to the Middle in Fiscal Year (FY) 2023 with a total export of $ 2.332 billion, down 12.62 percent, from exports to the region in FY 2022. At the same time, Pakistan also saw a decline in imports down from $ 18.853 billion in FY 2022 to $ 17.488 billion in FY23.
Saudi Arabia has been the second largest market of Pakistani exports in the region only preceded by the UAE. Pakistan saw the highest increase in exports to Saudi Arabia in July with an increase of 43.71 percent to $ 42.634 million. Last year, the exports to Saudi Arabia in the same month was recorded at $ 29.66 million.
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Pakistan saw a cap of around $ 500 million for exports to Saudi Arabia in the last decade because of limited market access when compared to UAE. Pakistan’s exports have been on the rise to Saudi Arabia in FY 2023, going from $ 420.40 million in the last year to $ 503.40 million in the current year.
Pakistan also saw an increase in exports to Qatar with a rise of 4.67 percent. Exports to the country were recorded at $ 6.698 million in July up from $ 5.184 million. Exports to Kuwait went from $ 8.10 million to $ 8.189 million in the same month last year.
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Meanwhile, the largest importer of Pakistani goods in the region, UAE that imports 62 percent of the total, saw a decline of 20.23 percent. Pakistan exported goods worth $ 1.474 billion in FY 2023 from $ 1.848 billion in the corresponding month last year.