Exports to Middle East jump 32pc in first half FY

Exports to the Middle East bounced back with a growth of 32.33 per cent to $1.506 billion in the first six months of the current fiscal year against $1.138bn from a year ago. A surge in demand for Pakistani products was observed from countries like the United Arab Emirates, Saudi Arabia and Kuwait, according to data compiled by the State Bank of Pakistan (SBP). However, the exports to Qatar and Bahrain decreased during the period under review. The government has recently signed a free trade agreement with the Gulf Cooperation Council (GCC) countries which will further facilitate exports to the region. In FY23, exports to the Middle East shrank 12.62pc to $2.332bn from $2.669bn in the preceding year. Pakistan witnessed a 7.24pc decline in imports totalling $17.488bn in FY23, down from $18.853bn in the previous year.