Pakistan’s exports to Saudi Arabia surge 47%, trade deficit narrows

WEB DESK: In a promising economic development, Pakistan has witnessed a significant uptick in its exports to Saudi Arabia, marking a positive shift in the trade dynamics between the two nations.

During the initial four months of the current financial year, there has been a notable reduction in Pakistan’s trade deficit with Saudi Arabia.

Notably, the surge in exports has played a pivotal role in this encouraging trend, with a simultaneous decline in imports from the Middle Eastern nation.

According to data released by the State Bank, the period from July to October 2023 saw Pakistan accrue $214.98 million in foreign exchange from exports to Saudi Arabia.

This impressive figure represents a remarkable 47 per cent increase compared to the corresponding period in the previous financial year.

A sharp contrast can be drawn when examining the same timeframe in the last financial year, where the foreign exchange earned from exports to Saudi Arabia stood at $146.77 million.

This substantial growth underscores the positive trajectory of Pakistan’s trade relations with Saudi Arabia.

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Breaking down the numbers further, the month of October proved particularly lucrative for Pakistan, as it raked in $65.71 million in foreign exchange from exports to Saudi Arabia.

This marked a notable increase compared to the figures from September, which stood at $54.097 million, and a substantial jump from the $31.94 million recorded in October of the preceding year.

This encouraging trend bodes well for Pakistan’s economic landscape, showcasing the resilience and growth potential of its export sector, particularly in the context of its relationship with Saudi Arabia.

As the nation continues to navigate the intricacies of international trade, these positive indicators lay the foundation for sustained economic progress.