business
Pakistan’s exports to the Middle East plunge by 5.5pc
ISLAMABAD (Web Desk) – The exports from Pakistan to the Middle East have dropped 5.57 per cent on a year-on-year basis to $951.78 million in the first five months of the current fiscal year from $1.008 billion.
A substantial decline in exports was recorded with the United Arab Emirates (UAE), the data released by the State Bank of Pakistan (SBP) showed.
The exports to the region recorded a mixed trend with an increase to Saudi Arabia, Qatar and Bahrain, while a decline to other countries of the region.
The country’s exports to the UAE plummeted 11.04pc to $614.88m in 5MFY23 from $691.23m over the corresponding months of last year.
Out of seven UAE states, the bulk of exports was destined for Dubai amounting to $557.79m during the five months this fiscal year against $570.53m in the corresponding months last year, showing a decline of 2.23pc.
Pakistan’s exports to Saudi Arabia witnessed an increase of 12.24pc to $184.01m in 5MFY23 from $163.93m in the corresponding period of last year.
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