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Pakistan’s exports from July-November posted a moderate increase of 5 percent compared to the same period last year, bolstered by a significant spike in exports to Middle Eastern nations.
According to data issued by the State Bank of Pakistan (SBP), the country recorded exports of $12.5 billion in the first five month of the ongoing fiscal year, compared to $11.91 billion last year. While exports to most countries outside the Western world jumped, the most significant spike was recorded from Middle Eastern nations and China, which saw a growth of 28.98 and 39.4 percent, respectively.
The SBP data shows exports to Middle Eastern nations—U.A.E., Saudi Arabia, Kuwait—increased from $974.5 million last year to $1.257 billion this year. However, exports to Qatar decreased from $84.4 million to $69.66 million in the same period. Exports to Bahrain similarly declined from $31.01 million last year to $29.04 million this year.
The government, last month, inked a free trade agreement with Gulf Cooperation Council (GCC) countries, with the interim commerce minister claiming this would further facilitate Pakistan’s exports to the region.
For Saudi Arabia, exports increased from $183.73 million to $275.65 million, making it the second-largest in the region for Pakistan in terms of value. The largest market, the U.A.E., meanwhile saw an increase of 33 percent from $614.864 million in July-November 2022 to $817.978 million during the same period this year. This might be considered a course correction, as exports to the U.A.E. had sharply declined between FY22 and FY23.
Pakistan’s exports to Kuwait, meanwhile, increased from $48.24 million last year to $51.81 million this year. In China, Pakistan’s exports grew from $877.44 million to $1.22 billion.
Overall, per the SBP, Pakistan’s exports of goods and services have mildly improved from $15.004 billion in July-November 2022 to $15.497 billion this year. In the same period, the country imported goods and services valued at $25.391 billion this year compared to $28.75 billion last year.