Trade gap with Middle East widens 36pc
ISLAMABAD: Pakistan trade imbalance with the Middle East widened 35.5 per cent to $1.081 billion in the first month of 2024-25 from $797.78 million over the same month last year owing to a rise in petroleum imports from the region.
The trade gap narrowed significantly in FY24. Still, according to data compiled by the State Bank of Pakistan, the rising trade deficit with the region will concern policymakers.
In FY24, the imbalance with the Middle East narrowed to $13.014bn, a decline of 20.47pc from $16.365bn over the preceding year. This was mainly due to lower petroleum imports from the region.
Pakistan’s exports to the Middle East rose 49.08pc to $302.98m in July from $203.22m over the same month last year.
In FY24, the exports to the region grew 35.23pc to $3.155bn compared to $2.33bn in the corresponding period last year.
At the same time, Pakistan’s imports from the Middle East also saw an increase of 38.26pc to $1.384bn in July 2024 from $1.001bn over the same month last year.
In FY24, the imports declined 13.53pc to $16.16bn compared to $18.69bn in the same period last year.
Published in Dawn, September 5th, 2024