Exports to Middle East Soar by More Than 21%
Published on: November 7, 2023.
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Exports to the Middle East experienced a positive growth of 21.38% in the first quarter of the current fiscal year, compared to the previous year. Pakistani products saw an increase in demand from countries such as the United Arab Emirates, Saudi Arabia, and Kuwait. However, exports to Qatar decreased during this period. In the previous fiscal year, Pakistan’s exports to the Middle East fell by 12.62% to $2.332 billion. Imports also declined by 7.24% to $17.488 billion.
Saudi Arabia, the second-largest market in the Middle East for Pakistan, saw a 29% increase in exports in the first quarter of FY24. The total exports to Saudi Arabia reached $149.27 million, up from $114.83 million in the same months of the previous year. On the other hand, export growth to Saudi Arabia has remained stagnant at around $500 million in the last decade due to limited market access compared to the UAE. Rice, bovine carcasses, textiles, and tents are among the top exports to Saudi Arabia.
The UAE continues to be the dominant market in the Middle East for Pakistani exports, accounting for 62% of total exports to the region. In the first quarter of FY24, exports to the UAE surged by 27.6% to $472.15 million. However, in FY23, exports to the UAE declined by 20.23%. The top export products to the UAE include rice, bovine carcasses, cotton ensembles, guavas, and mangoes.
Exports to Kuwait also experienced a modest growth of 4.2% in the first quarter of FY24, reaching $27.26 million. However, exports to Qatar declined by 23.6% to $38.78 million.
Overall, Pakistani exporters are benefiting from increased demand in the Middle East, particularly in countries like Saudi Arabia and the UAE. This growth in exports is a positive sign for the Pakistani economy and demonstrates the competitiveness of Pakistani products in international markets.
Source: [Dawn](https://www.dawn.com){:target=”_blank” rel=”nofollow”}
