YoY: Pakistan's exports to Middle East plummet 12pc in 8MFY23
Business
A substantial decline in exports to the UAE is a major factor behind over overall decline
LAHORE (Web Desk) - Pakistan’s exports to the Middle East contracted 11.87 per cent on a year-on-year basis to $1.491 billion in the first eight months of FY23, data gathered by the State Bank of Pakistan (SBP) shows.
A substantial decline in exports to the United Arab Emirates (UAE) is a major factor behind over all drop in exports to the ME.
The exports to the region saw a mixed trend with an increase to Saudi Arabia and Bahrain, while a decline to other countries of the region.
The UAE has emerged as the leading country for Pakistan’s export of goods as nearly 64pc of the total exports to the region go to the UAE market alone, however, it suffered a decline of 19.91pc to $0.945bn in 8MFY23 from $1.180 over the corresponding months last year (FY22).
Out of seven UAE states, the bulk of exports was destined for Dubai amounting to $856.27 million during 8MFY23 against $996.32m in the corresponding months last year, showing a decline of 14pc.
However, the exports to Saudi Arabia witnessed an increase of 15pc to $300.61m in 8MFY23 from $260.26m in the preceding fiscal year.
The country's exports to Saudi Arabia have stagnated at around $500m in the last decade, showing that no significant growth was seen in the market access as compared to the UAE.
Pakistan’s exports to Qatar fell 3pc to $119.17m in 8MFY23 from $122.87m during first eight months.
