Pakistan-Gulf Trade Takes Massive Hit
Pakistan’s trade deficit with six Gulf countries fell by 46 percent in July after a big drop in imports. The … Read More The post Pakistan-Gulf Trade Takes Massive Hit appeared first on ProPakistani .
Pakistan's trade deficit with six Gulf countries plummeted by 46% in July, following a sharp decline in imports, according to central bank data. The trade gap with Saudi Arabia, the UAE, Kuwait, Bahrain, Qatar, and Oman shrank to $750.5 million in July, compared to around $1.4 billion in the same month last year. Imports from these six Gulf markets fell by 38.1% to $1.04 billion. Meanwhile, Pakistan's exports to the region rose 4.7% to $290.3 million.
Pakistan heavily relies on Gulf countries for crude oil, petroleum products, and liquefied natural gas (LNG), making its import bill vulnerable to disruptions in the region, especially around the Strait of Hormuz. Notably, Pakistan did not import any high-speed diesel in July, and domestic refineries have ramped up their output.
Qatar experienced a significant drop in trade with Pakistan, with imports falling 78% year-on-year to $61.5 million, while exports to Qatar declined 16% to $7.42 million. Oman saw a 58% increase in Pakistan's imports, reaching $161 million, while exports to Oman decreased by 11.3% to $20.5 million.
In July, Pakistan imported $1.28 billion worth of petroleum products, including crude oil, LNG, and LPG.
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