Pakistan’s exports to the Middle East fell 11.87% to $1. 490 billion in the first eight months of the fiscal year. The United Arab Emirates is the Pakistan’s main export destination, accounting for 64% of Pakistani exports. Its volume was $1.18 billion in the same period last year. Pakistan’s major exports to the UAE include rice, meat, guava, and mango. Saudi Arabia is the second-largest market in terms of value. Pakistani exports to the United States increased by 15% over the given time, reaching $300 million, up from $263 million in the same period last year. In the first eight months of the current fiscal year, Pakistani exports to Qatar fell from $12.92 million to $11.92 million. Rice, beef, potato, onion, guava, and mango are among them, but football exports have surged, owing mostly to the FIFA World Cup 2022 order.
What is evident in this respect are the extraordinary monsoon rains and severe floods that occurred last year, causing significant damage to farmland and cattle. Pakistan already has a trade deficit, with textiles, grains, sports and medical equipment, spices, and leather items as important exports. There are several reasons why Pakistan’s exports are lower than those of other countries. Pakistan has a restricted exportable product variety. Textiles, leather items, and agricultural products dominate the country’s exports. Because of this lack of diversity, Pakistan is exposed to variations in worldwide demand for certain items, which can result in volatility in export revenues. In foreign markets, Pakistani products are frequently considered of substandard quality, limiting the country’s ability to compete with other exporters. This is due in part to inadequate manufacturing standards and a lack of quality control measures.
The delayed adoption of new technology and developments in the Pakistani industry has hampered its competitiveness in global markets. This situation has also been exacerbated by a lack of investment in research and development. Pakistan’s economic growth and stability have been hampered by political instability. Frequent changes in government policies and regulations, coupled with corruption and bureaucracy, have made it difficult for businesses to plan and invest in the country. Pakistan’s infrastructure is inadequate to support its export sector. Poor roads, an insufficient power supply, and a lack of modern ports and airports have hindered the country’s ability to transport goods to international markets efficiently.
Pakistani businesses often face difficulty accessing finance, which limits their ability to invest in their operations and expand their exports. This is partly due to the high cost of borrowing and the lack of available credit. Addressing these issues will require significant efforts from both the private and public sectors to improve the country’s export competitiveness and expand its export base.
