Exports to Middle East increase by more than 21 percent
Published on: November 7, 2023.
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Exports to the Middle East See Strong Growth in the First Quarter
Exports to the Middle East have rebounded with a significant growth of 21.38% in the first quarter of the current fiscal year compared to the previous year, according to data from the State Bank of Pakistan. Pakistani products have seen increased demand from countries such as the United Arab Emirates, Saudi Arabia, and Kuwait. However, exports to Qatar have decreased during the same period.
In the previous fiscal year, Pakistan’s exports to the Middle East experienced a decline of 12.62% to $2.332 billion compared to $2.669 billion in the preceding year. Imports also dropped by 7.24% to $17.488 billion in FY23, down from $18.853 billion in the previous year.
Exports to Saudi Arabia, Pakistan’s second largest market in the region, have seen a significant increase of 29% in the first quarter of FY24. The exports totaled $149.27 million, up from $114.83 million in the same months of the previous year. The top exports to Saudi Arabia include rice, bovine carcasses, half carcasses, tents, and textile materials. In FY23, exports to Saudi Arabia grew by 13.1% to $503.40 million.
The UAE remains the largest market in the Middle East for Pakistani exports, accounting for 62% of the total exports to the region. Pakistan’s exports to the UAE surged by 27.6% to $472.15 million in the first quarter of the current fiscal year. However, it witnessed a decline of 20.23% to $1.474 billion in FY23. The bulk of the exports to the UAE go to Dubai, with top products including rice, bovine carcasses, half carcasses, men’s/boys’ cotton ensembles, guavas, and mangoes.
Exports to Kuwait increased by 4.2% to $27.26 million in the first quarter of FY24, while exports to Qatar declined by 23.6% to $38.78 million during the same period.
Overall, Pakistan’s exports to the Middle East are showing a positive trend, with increased demand from major countries in the region. Efforts to expand market access and diversify export products will be crucial for sustaining this growth.
Source: [Dawn](https://www.dawn.com)
