Trade deficit with Middle East narrows 24pc in 11 months

Pakistan’s trade deficit with the Middle East narrowed by 24.43 per cent to $11.81 billion in the first 11 months of the current fiscal year from $15.63bn over the same period last year, mainly attributed to a decrease in the import of petroleum products from the region. The trade imbalance with the region has decreased since the beginning of FY24, primarily because of reduced consumption of petroleum products as prices continued to rise during the months under review. Pakistan’s exports to the Middle East rose 45.87pc to $2.881bn between July and May 2023-24, compared to $1.975bn in the corresponding period last year. At the same time, imports dipped 16.54pc to $14.691bn in 11MFY24 against $17.604bn in the same period last year, according to data compiled by the State Bank of Pakistan.