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