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Pakistan’s commodities export and trades with UAE soar in July-Oct 2017

Pakistan’s balance of trade statistics cumulative from July-October, 2017 were recorded (-) 12,107 million in US dollars while exports during October, 2017 was recorded $1,888 million (provisional) as compared to $1,675 million (provisional) during September, 2017 explaining a rise of 12.72 percent and by 7.89 percent as against to $1,750 million in October, 2016, according to official data available. The official figures also shows that the exports during July-October, 2017 totaled $7,056 million (provisional) as compared to $6,416 million during the same period of previous year explaining a rise of 9.98 percent.

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Experts calculated that main products/commodities of exports during October, 2017 were knitwear (Rs23,735 million), readymade garments (Rs20,623 million), bedwear (Rs19,809 million), cotton cloth (Rs19,641 million), cotton yarn (Rs12,754 million), rice and others (Rs11,798 million), towels (Rs7,147 million), madeup articles (excl. towels & bedwear) (Rs6,182 million), fish & fish preparations (Rs4,860 million) and surgical goods & medicinal instruments (Rs3,148 million). On the other hand it is also mentioned that the imports in October, 2017 was $4,929 million (provisional) as against to $4,473 million (provisional) during September, 2017 explaining a rise of 10.19 percent and by 23.60 percent as against to $3,988 million during October, 2016.

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Furthermore, the imports during July-October, 2017 totaled $19,163 million (provisional) as compared to $15,658 million during the same period of previous year explaining a rise of 22.38 percent. It is also said that main products/commodities of imports during October, 2017 were petroleum products (Rs79,312 million), petroleum crude (Rs36,964 million), power generating machinery (Rs22,695 million), plastic materials (Rs21,085 million), electrical machinery & apparatus (Rs19,570 million), Iron & steel (Rs19,207 million), palm oil (Rs18,828 million), natural gas, liquefied (Rs.14,452 million), iron & steel scrap (Rs12,823 million) and medicinal products (Rs10,114 million).

 

Pakistan-UAE business

Pakistan-UAE trade ties have enlarged in the last few decades because of the respective government’s strategies to improve the business situation and open up the public sector enterprises, in order to boost foreign and local private investment. It is said that these relations are time-tested, and their cordiality has been exemplary.

The economic managers have presently calculated that bilateral trade between these countries stood at $8.3 billion, registering a significant 9.4 percent rise during the last fiscal year 2016-17. Trade between Pakistan-UAE reached at US$7.7 billion in 2015-16 but experts have recorded an optimistic development during the last year. It is also said that imports from UAE to Pakistan rose previous year from $6.62 billion to $7.23 billion whereas exports from Pakistan to UAE has fallen about 1.83 percent from $1.08 billion to $1.06 billion.

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During the last 46 years since its independence, the UAE has been instrumental in acting as an active partner in Pakistan’s economic development. Pakistan, likewise, has helped the young nation with its expertise in the fields of banking, finance and last but not the least aviation.

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