Islamabad [Pakistan], March 27 (ANI): Pakistan's exports to the Middle East reduced by 11.87 per cent on a year-on-year basis to USD 1.491 billion in the first eight months of FY23 mainly caused by a substantial decline in exports to the United Arab Emirates (UAE), Dawn reported.
Pakistan's exports to the Middle East saw a mixed trend with a rise to Saudi Arabia and Bahrain while a decline to other countries of the region, Dawn reported citing the data compiled by the State Bank of Pakistan.
The UAE has emerged as a leading country for Pakistan's export of goods as nearly 64 per cent of the total exports to the region only go to the UAE market, as per the Dawn report. However, Pakistan witnessed a decline of 19.91 per cent to USD 0.945 billion in 8MFY23 from USD 1.180 over the corresponding months last year (FY22).
Out of seven UAE states, the bulk of exports worth USD 856.27 million during 8MFY23 against USD 996.32m in the corresponding months last year was destined for Dubai, witnessing a decline of 14 per cent.
Pakistan's top export products to UAE, include rice, bovine carcasses and half carcasses, men's/boys' cotton ensembles, guavas, and mangoes. Similarly, Pakistan's top sectoral exports to the UAE include cereals, articles of apparel and clothing, meat and edible offal.
Saudi Arabia is the second biggest market for Pakistan's exports in terms of value. However, the exports witnessed a rise of 15 per cent to USD 300.61m in 8MFY23 from USD 260.26m in the preceding fiscal year, as per the news report.
Pakistan's exports to Saudi Arabia have stagnated at around USD 500m in the past decade. The data shows no significant growth in market access in comparison to the UAE. Pakistan's top exports to Saudi Arabia include rice, bovine carcasses and half carcasses, tents, and textile materials.
Meanwhile, Pakistan's exports to Qatar reduced by 3 per cent and reached USD 119.17 million in 8MFY23 from USD 122.87m during 8MFY22, according to Dawn report Pakistan's exports to Qatar include rice, bovine carcasses, potatoes, onions, guavas, and mangoes. However, footballs were one of the most exported goods of Pakistan to Qatar during 7MFY23. (ANI)