ISLAMABAD: Pakistan’s export of goods and services to Saudi Arabia witnessed an increase of 27 per cent during the first seven months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, official data revealed.
The overall exports to Saudi Arabia were recorded at $394 million during July-January (2023-24) against exports of $311 million during July-January (2022-23). On the other hand, the imports from Saudi Arabia into the country during the months under review were recorded at $2.730 billion against $2.525 billion last year, showing an increase of 10 per cent in July-January (2023-24).
Pakistan’s export of goods and services to China witnessed an increase of 46 per cent during the first seven months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year.
The overall exports to China were recorded at $1.724 billion during July-January (2023-24) against exports of $1.180 billion during July-January (2022-23). On the other hand, the imports from China into the country during the months under review were recorded at US $7.709 billion against $7.658 billion last year, showing a nominal increase of less than one per cent in July-January (2023-24).
Former caretaker federal minister for Commerce and Textile Gohar Ejaz said that Pakistan’s strategy to enhance non-traditional exports to China and GCC has yielded results. “We are proud of our business who grabbed the opportunities in these difficult times. We have enhanced 46 per cent exports to China and increased by 38 per cent exports to GCC year-on-year during the last eight months,” Ejaz added.
Pakistan’s trade deficit with the Middle East narrowed 41.31 per cent to $5.674 billion in the first seven months of the current fiscal year, he added.
In absolute terms, the value of Pakistan’s exports to the Middle East rose 36.18 per cent to $1.769 billion between July and January 2023-24 while imports dipped 31.69 per cent to $7.443 billion, showing a contraction in trade deficit to $5.674 billion from $9.668 billion in the same period last year.
Copyright Business Recorder, 2024
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