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Islamabad: In the first five months of FY23, Pakistan’s exports to the Middle East fell by 5.57% YoY, from US$1.008 billion to US$951.78 million, mainly due to a sharp drop in exports to the United Arab Emirates.
Exports to the region showed a mixed trend, with exports to Saudi Arabia, Qatar and Bahrain rising, while exports to other countries in the region fell, according to data compiled by the State Bank of Pakistan.
The UAE has emerged as a major exporter of Pakistani goods as it recorded a drop of 11.04% to US$614.88 million in the five financial years in FY23 from US$691.23 million in the same period last year. Nearly 65% of the region’s total exports go to the UAE market alone.
Across the UAE’s seven states, the majority of exports for the five months of the fiscal year were headed to Dubai, totaling $557.79 million, compared to $570.53 million in the same period last year, a drop of 2.23 percent.
Major Pakistani exports to the UAE include rice, beef carcasses and half carcasses, men’s/boys’ cotton suits, guava, mangoes, etc.
Likewise, Pakistan’s major export sectors to the UAE include grains, garments and clothing as well as meat and edible offal, among others.
Pakistan’s second largest export market by value is Saudi Arabia. However, exports in 5MFY23 increased by 12.24% to US$184.01 million from US$163.93 million in the previous year.
Pakistani exports to Saudi Arabia have stagnated at around $500 million for the past decade. It clearly shows that there is no substantial increase in market access compared to the UAE.
Major Pakistani exports to Saudi Arabia include rice (half-milled or whole-milled), cattle carcasses and half-carcasses, tents, textile materials, etc.
On 5MFY23, Pakistan’s exports to Qatar increased by 10.57% to US$83.44 million from US$75.46 million in the previous year, including rice, cattle carcasses, potatoes, onions, guava, mangoes, etc.
In the field of sports, football exports from July to November this year increased by 11.74% year-on-year. Pakistan is the official football supplier to the 2022 FIFA World Cup in Doha, Qatar, in November.
Pakistan’s exports to Kuwait recorded a negative growth of 9.23% from US$53.16 million in the previous year to US$48.44 million in 5MFY23. The main products exported to Kuwait include cattle carcasses, seafood, tents and rice.
The largest exports to Kuwait include meat and meat offal, followed by other manufactured textiles.
Exports to Bahrain in 5MFY23 increased by 27.77% to US$31.01 million from US$24.27 million in the previous year. Pakistan’s main exports to Bahrain include rice, cotton yarn, cattle carcasses, textured yarn and ink.
Posted on Dawn, December 25, 2022
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