Trade gap with Middle East narrows
Pakistan’s trade imbalance with the Middle East has significantly improved, narrowing by 20.47 per cent to $13.014 billion in 2023-24 from $16.365bn the preceding year, owing primarily to lower petroleum imports from the region. The trade imbalance with the region has seen a decrease since the beginning of the current fiscal year. This can be attributed to a decline in the consumption of petroleum products, which is a result of the continuous rise in prices during the months under review. In absolute terms, Pakistan’s exports to the Middle East rose 35.23pc to $3.155bn between July-June FY24 compared to $2.33bn in the corresponding period last year. At the same time, imports dipped 13.53pc to $16.16bn in FY24, compared to $18.69bn in the same period last year, according to data compiled by the State Bank of Pakistan.