Arsalan Ali

The export of various goods from Pakistan to the member countries of the Gulf Cooperation Council (GCC) surpassed $1 billion during the first six months of the current fiscal, WealthPK reports. The data released by the State Bank of Pakistan shows that the country exported goods worth $1,167.750 million to GCC member countries during the first half of the ongoing financial year, showing a 2% decrease compared to $1,192.345 million during the corresponding period of the previous fiscal.

On a year-on-year basis, exports to United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Oman and Kuwait registered a decline of 23% and dipped $180.393 million in December 2022 against $234.327 million in December 2021. Import from GCC countries was recorded at $9,190.456 million in the first half of the current fiscal and the trade deficit with these countries stood at $7,998.111 million. UAE remained the top recipient of Pakistani goods, followed by Saudi Arabia and Oman.

On a year-on-year basis, export from Pakistan to UAE registered a decline of 35% and remained at $100.161 million in December 2022 compared to $154.449 million in December 2021. Export to UAE stood at $657.938 million, showing a decrease of $67.041 million against $724.979 million during the first half of the previous fiscal.

According to the UN Comtrade database, Pakistan’s top exports to the UAE are meat and edible meat offal, cereals, garments, edible fruits, nuts, citrus fruit peel, melon, other textile items, sets and worn clothing. Mineral fuels, oil distillation products, iron and steel, plastics, ships, boats and other floating structures as well as sugar and sugar confectionery are among the import items from UAE to Pakistan.

Exports to Saudi Arabia grew by 18% and reached $37.640 million in December 2022, up from $31.757 million in December 2021. During the first six months of the current fiscal, exports to Saudi Arabia increased by 13% and reached $221.376 million compared to $195.688 million in the corresponding period of the previous financial year.

Major export goods from Pakistan to Saudi Arabia include cereals, other made textile articles, sets, worn clothing, meat, and edible meat offal, coffee, tea, mate and spices, article of apparel, edible fruits, nuts, peel of citrus fruit and melon. Import items from Saudi Arabia include mineral fuels, oil, distillation products, plastic, organic chemical, miscellaneous products, iron and steel, fertilizer, aluminum and lead.

Export from Pakistan to Qatar declined by 28% and dipped to $11.392 million in December 2022 compared to $15.843 million in December 2021. Exports to Qatar during the first six months of the current fiscal surged by 3% and reached $94.836 million, up from $91.306 million during the corresponding period of the previous financial year.

Major export items from Pakistan to Qatar include ships, boats and other floating structures, meat and edible meat offal, edible vegetables and certain roots and tubers, plastics, fish, crustaceans, aquatics invertebrates, edible fruits, nuts, peel of citrus fruit and melons. Import goods from Qatar include mineral fuels, oils, distillation products, plastics, miscellaneous chemical products, organic chemicals and rubbers.

The volume of exports to Oman increased by 25% and reached $13.866 million in December 2022 compared to $11.041 million during the same month of the previous fiscal. Total export from Pakistan to Oman increased by 18% and reached $97.007 million in the first half of the current fiscal, up from $81.707 million during the same period of the previous financial year.

Cereals, edible vegetables and certain roots and tubers, sugar and sugar confectionery, edible fruits, nuts, peel of citrus fruit, melons, meat and edible meat offal besides electrical and electronic equipment are major export goods from Pakistan to Oman. Import items from Oman include mineral fuels, oils, distillation products, iron and steel, plastics, ships, boats, and other floating structures, aluminum and organic chemical.

In December 2022, export to Kuwait rose by 4% and remained at $12.462 million, up from $11.941 million in December 2021. Export to Kuwait declined by 6% and dipped to $60.710 million in the first six months of the current fiscal from $65.099 million during the corresponding period of the previous year.

Meat and edible meat offal,  textile articles, sets, worn clothing, fish, crustaceans, molluscs, aquatics invertebrates, oil seed, oleagic fruits, grain, seed, fruits, salt, sulphur, earth, stone, plaster, lime and cement are major export products to Kuwait. Import goods from Kuwait include mineral fuels, oils, distillation products, organic chemicals, plastics, iron and steel.

In December 2022, export to Bahrain declined by 47% and dipped to $4.872 million against $9.296 million in December 2021. Total exports from Pakistan to Bahrain during the first half of the current fiscal were recorded at $35.883 million, up from $33.566 million during the corresponding period of previous year, showing an increase of 6%. Major export items from Pakistan to Bahrain include meat and edible meat offal, cereals, edible vegetables, certain roots and tubers, tobacco and manufactured tobacco substitutes and plastics, according to the data available with WealthPK.

Credit : Independent News Pakistan-WealthPk