Exports to Middle East Surge by 29% in July-November

Exports to Middle East Surge by 29% in July-November

Pakistan’s exports to the Middle East witnessed a robust rebound, recording a growth of 28.98%, reaching $1.257 billion in the initial five months of the current fiscal year compared to $974.50 million in the corresponding period last year.

The surge was notably driven by heightened demand from key countries in the region, including the United Arab Emirates, Saudi Arabia, and Kuwait. However, exports to Qatar experienced a decline during this period.

Pakistan exports to UAE rose sharply by 33pc to $817.978m in 5MFY24 from $614.864m over the corresponding months of last year. The exports to UAE bounced back during the current fiscal year.

However, it suffered a decline of 20.23pc to $1.474bn in FY23 from $1.848bn over the corresponding months FY22.

Out of seven UAE states, the bulk of export was destined for Dubai amounting to $655.90m during July-Nov FY24 against $557.77m in the corresponding month last year, showing an increase of 17.59pc.

Pakistan’s top export products to UAE include rice, bovine carcasses and half carcasses, men’s/boys’ cotton ensembles, guavas, mangoes, etc. Similarly, Pakistan’s top sectoral exports to the UAE include cereals, articles of apparel and clothing, meat and edible offal etc.

Pakistan exports to Kuwait increased by 7.4pc to $51.81m during July-Nov FY24 from $48.24m over the corresponding months of last year. Pakistan’s exports to Qatar declined 15.84pc to $96.66m in July-Nov FY24 from $83.44m during FY23. Pakistan exports to Bahrain also declined by 6.35pc to $29.04m in 5MFY24 from $31.01m over the corresponding last year.

The recently signed free trade agreement between Pakistan and the Gulf Cooperation Council (GCC) countries is anticipated to further facilitate export growth in the region. In particular, exports to Saudi Arabia exhibited significant growth, increasing by 50% to $275.65 million in July-November FY24.

The UAE, another crucial market, saw a sharp 33% increase in exports, reaching $817.978 million during the same period. The rebound in Middle East exports aligns with broader efforts to diversify and strengthen Pakistan’s trade relationships in the region.

(Source: DAWN)