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Sunday, December 3, 2023

Pakistan’s exports to Saudi Arabia rise by 3.57pc in 9 months

According to data released by State Bank of Pakistan (SBP), Pakistan's exports of goods and services to Saudi Arabia has witnessed an increase of 3.57 percent during the first nine months of financial year (2020-21).

Overall Pakistan’s exports to Saudi Arabia were recorded at $365.240 million during July-March (2020-21) against exports of $352.620 million during July-March (2019-20), showing growth of 3.57 percent, SBP data revealed.

Meanwhile, on year-to-year basis, the exports to Saudi Arabia during March 2021 also increased by 11.26 percent, from $34.667 million against the exports of $38.573 million.

On month-on-month basis, Pakistan’s exports to Saudi Arabia However decreased by 23.70 percent during March 2021 when compared to the exports of $50.559 million in February 2021, the SBP data revealed. Overall Pakistan’s exports to all countries witnessed increase of 2.29 percent in nine months, from $18.280 billion to $18.699 billion, the SBP data revealed.

On the other hand, the imports from Saudi Arabia into the country during the period under review were recorded at $1600.956 million against $1103.846 million last year, showing increase of 45.03 percent in nine months of this year.

Read More: Exports increase 8.74pc to Rs2.651 trillion in 8 months: PBS report

Earlier this month, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood announced that Pakistan’s monthly exports have crossed the $2bn mark for seventh consecutive month.

“Alhamdulillah (Thanks God), Pakistan’s export for April 2021 stood at USD 2.191 billion. This is the first time since 2011 that our monthly exports have crossed the 2-billion mark for seven consecutive months, tweeted Dawood through his official account on May 3rd.

He stated that exports for July-April 2021 grew by 13 per cent to $20.879 billion as compared to $18.408 billion during the same period last year.

“Our exporters deserve full credit for making this possible under testing global conditions,” said Dawood.

Dawood also revealed that the country’s exports were increasing and export to Australia grew by 29 per cent during 10 months of the current fiscal year and exports to Afghanistan during Jul-Apr 2021 grew by 15% to USD 869 million as compared to USD 754 million during Jul-Apr 2020.

Though the current upward trend in exports is encouraging, this momentum can only be maintained through increased focus on the products and geographical diversification.