Pakistan imports from UAE up by 3.72 per cent to $6.2 billion

Pakistan has imported $6.2 billion worth of goods against the imports of $5.1 billion last year from the United Arab Emirates, showing an increase of 3.72 per cent.

The State Bank of Pakistan (SBP) in its latest figures released on Tuesday said, that China topped the list of countries from where Pakistan imported different products during the first eleven months of financial year (2020-21), with Singapore at third top country.

The total imports from China during July-May (2020-21) were recorded at $11,454.962 million against the US$8,255.990 million during July-May (2019-20), showing an increase of 38.74 per cent during the period, SBP reported.

Pakistan imported from Singapore goods worth $2,769.481 million against the imports of $2,148.135 million last year, showing growth of 28.92 per cent, SBP data revealed.

Among other countries, Pakistani imports from United State of America (USA) stood at $2,198.657 million against $2,039.000 million during last year, showing growth of 7.83 per cent while the imports from Saudi Arabia were recorded at $2,106.018 million against $1,250.810 million last year, showing increase of 68.37 per cent, the data revealed.

The imports from Kuwait were recorded at $1,167.003 million against $984.636 million, whereas the imports from Malaysia were recorded at $1,094.860 million against $863.411 million last year.

During July-May, the imports from South Korea were recorded at $1,183.695 million against $672.884 million, while the imports from Japan were recorded at $1,372.124 million against $972.550 million, and those from Switzerland stood at $1,010.711 million against $566.923 million. Similarly, the imports from Germany during the period under review were recorded at $1,018.080 million against $868.437 million, while the imports from Thailand stood at $961.741 million against $657.015 million.

Pakistan’s imports from Qatar were recorded at $1,129.656 million during the current fiscal year compared to $1,542.071 million last year, whereas the imports from UK stood at $682.009 million against $629.280 million.

The Pakistan Business Council in Dubai recently organised the second trade session with Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, to discuss new business opportunities, boosting bilateral trade volume between the UAE and Pakistan and capitalising on Expo 2020 opportunity.

The minister was accompanied by Afzaal Mahmood, Ambassador of Pakistan to the UAE, along with several Pakistani businessmen and businesswomen who are based in the UAE. Dr Al Zeyoudi said, “We are prepared to provide full assistance to the Pakistani businesses in enabling more Pakistani entrepreneurs and businessmen to explore the opportunities available in the UAE market.”

He added that the UAE and Pakistan share deep bilateral relations based on a long history, trust, and respect and trade that showed growth even during the tough times that were seen throughout the world.

“For us, Pakistan is among the top 25 important strategic global trade partners. In terms of imports, the UAE is Pakistan’s second-biggest partner. Both countries also have significant investments in various sectors in each other’s economies such as real estate. The UAE recently announced the 100 percent foreign ownership law, which has spurred economic activity and been hailed by the business community around the world,” Dr Al Zeyoudi noted.

The first meeting between the minister and Pakistan Business Council was held in the first week of May 2021, which discussed various business opportunities and ways to strengthen trade between the two countries. The meeting was successfully concluded with a resolution to boost trade volume between UAE and Pakistan amounted from around Dhs30 billion ($8.19 billion-2019) to doubling it over the next five years.

Highlighting Expo 2020 mega opportunity for businesses, Mahmood said, “Our two economies complement each other, so we need to understand where the value-added advantage lies and how we can support each other. We work with that spirit with the UAE. The Pakistan government has announced several initiatives that will attract the foreign business community to explore several sectors in Pakistan such as tourism, agriculture, fashion, and hospitality.”

“Pakistan will be participating at the Expo 2020 Dubai with its pavilion under the theme ‘Pakistan: The Hidden Treasure’ and we encourage everyone to come and visit,” he added. “You will see everything about Pakistan’s history, culture, agriculture, tourism, and hospitality. We invite more and more Pakistan businesses to come forward and sign up for the expo.”

WAM