Pakistan-Gulf Trade Takes Massive Hit

Pakistan's trade deficit with six Gulf countries fell by 46 percent in July after a major drop in imports.

Key points

• While Pakistan's exports to Oman fell 11.3 percent to $20.5 million, imports from Oman rose 58 percent to $161 million.
• Imports from these six Gulf markets fell 38.1 percent to $1.04 billion.
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• Overall, Pakistan imported $1.28 billion worth of petroleum products, including crude oil, LNG and LPG, in July.
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Notably, the trade gap with Saudi Arabia, the UAE, Kuwait, Bahrain, Qatar and Oman fell to $750.5 million in July, compared with around $1.4 billion in the same month last year, according to central bank data. Govt Debt Remains At Rs. 83 Trillion.

Imports from these six Gulf markets fell 38.1 percent to $1.04 billion. Meanwhile, Pakistan's exports to the region rose 4.7 percent to $290.3 million.

Pakistan depends heavily on Gulf countries for crude oil, petroleum products and LNG. This makes its import bill sensitive to disruptions in the region, particularly around the Strait of Hormuz.

Pakistan did not import any high-speed diesel in July. Additionally, domestic refineries have climbed their output.

Qatar additionally saw a sharp drop in trade with Pakistan. While exports to Qatar declined 16 percent to $7.42 million, research demonstrates Pakistan's imports from Qatar fell 78 percent year-on-year to $61.5 million in July.

Overall, Pakistan imported $1.28 billion worth of petroleum products, including crude oil, LNG and LPG, in July. Stay Connected with ProPakistani.

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In short, pakistan is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.