Exports to ME fall
Pakistan’s exports to the Middle East shrank 14.18 per cent year-on-year to $1.912 billion in the first 10 months of FY23, mainly driven by a substantial decline in exports to the United Arab Emirates. The exports to the region saw a mixed trend with an increase to Saudi Arabia, while a decline to other countries of the region, data compiled by the State Bank of Pakistan showed on Thursday. The UAE has emerged as the leading country for Pakistan’s export of goods as nearly 63pc of the total exports to the region go to the UAE market alone, however, it suffered a decline of 22.19pc to $1.206bn in 10MFY23 from $1.550 over the corresponding months last year (FY22). Out of seven UAE states, the bulk of export was destined for Dubai amounting to $1.087bn during 10MFY23 against $1.325 in the corresponding months last year, showing a decline of 17.96pc.