Trade gap widens with Mideast on rising energy imports

Pakistan’s trade deficit with the Middle East widened 10.87 per cent to $4.781 billion in the first four months of 2024-25 from $4.312bn owing to the rise in petroleum imports from the region. According to data compiled by the State Bank of Pakistan, the soaring trade deficit would concern policymakers mainly because of rising petroleum products from the region in the current fiscal year. Petroleum consumption has risen in the current fiscal year because petroleum crude imports saw an over 16 pc growth in the first four months of FY25. In FY24, the trade imbalance with the Middle East narrowed by 20.47pc to $13.014bn from $16.365bn over the preceding year, mainly due to lower petroleum imports amid falling consumption of petroleum products owing to unprecedented high prices.