Arsalan Ali

Pakistan’s exports to Saudi Arabia and the United Arab Emirates (UAE) surged by 37% and 19%, respectively, in the second month of the current fiscal year compared to the same month of the preceding fiscal year, WealthPK reported. Exports of different goods from Pakistan to Saudi Arabia reached $40.44 million in August 2022 compared to $29.63 million in the same month of the previous fiscal year, showing a growth of 37%, according to data available from Trade Development Authority of Pakistan (TDAP).

TDAP/WealthPK research

Imports from Saudi Arabia stood at $417.45 million in August 2022 as against $403.40 million in August 2021. The timeframe under consideration shows that Pakistan had a trade deficit of $377.01 million with Saudi Arabia. Data available from the United Nations Comtrade database on international trade shows that major export items from Pakistan to Saudi Arabia include cereals, other made textile articles, worn clothing, meat and edible meat offal, coffee, tea mate and spices, articles of apparel, fruits, nuts, peel of citrus fruits, and melons. Pakistan’s imports from Saudi Arabia include mineral fuels, oils, distillation products, plastic, organic chemicals, iron and steel, fertilizer, aluminum, and lead.

Exports from Pakistan to UAE amounted to $117.55 million in August 2022, showing a growth of 19%, up from $98.90 million in August 2021.
Imports from UAE were recorded at $620.73 million in August 2022 compared to $838.30 million in August 2021, showing a decline of 26%.
Major export items from Pakistan to UAE include meat and edible meat offal, cereals, articles of apparel, fruits, nuts, peel of citrus fruits, melons, other made textile articles, vegetables, certain roots and tubers, and plastic.

Furthermore, imports from UAE include mineral fuels, oils, distillation products, iron and steel, plastics, ships, boats, and other floating structures, sugar and sugar confectionery, pharmaceutical products, machinery, nuclear reactors, boilers, aluminium, and lead. In the second month of the current financial year (August 2022), Saudi Arabia and UAE remitted remittances worth $691.8 million and $531.4 million, respectively, the State Bank of Pakistan (SBP) data shows.

In a recent report published by the Pakistan Business Council (PBC), Pakistani traders were finding it difficult to trade with Saudi Arabia due to lack of brand recognition, direct routes, and licensing requirements. Language barriers prevent Pakistani exporters from getting export licences in Gulf countries, the report pointed out.

Credit: Independent News Pakistan-WealthPk