Pakistan-Iran Trade
ISLAMABAD: Pakistan has seen a notable increase in imports from Iran, marking a significant boost in bilateral trade between the neighboring countries. According to government sources, the country’s imports from Iran surged by 47 percent on a year-on-year basis.
During the first five months of the current fiscal year (July to November 2024), Pakistan imported goods worth $533 million from Iran, compared to $398 million during the same period last year.
This marks a considerable growth in economic engagement, reflecting a 34 percent rise in total imports from Iran over this period. Notably, in November 2024 alone, the volume of imports from Iran reached $129.7 million, a sharp increase from $88.4 million in November 2023.
This increase in trade volume aligns with broader trends of improving economic exchange between the two nations, as both seek to enhance cooperation in sectors such as energy, agriculture, and trade.
Parallel to the rise in imports from Iran, Pakistan has also witnessed substantial growth in its rice exports during the same timeframe.
According to the Pakistan Bureau of Statistics (PBS), rice exports increased by 35.40 percent in the first five months of the fiscal year 2024-25 compared to the same period last year.
Over 2.377 million metric tons of rice, including basmati and other varieties, were exported between July and November 2024, earning $1.515 billion.
This represents a significant increase from the 1.721 million metric tons exported during the same period in the previous fiscal year, which had a total value of $1.119 billion.
Exports of basmati rice alone rose by 34.64 percent, with 370,282 metric tons valued at $386.116 million exported during the first five months of this fiscal year, compared to 244,664 metric tons valued at $286.778 million during the same period last year.
Meanwhile, exports of non-basmati rice also showed remarkable growth. Pakistan earned $1.129 billion by exporting 2.006 million metric tons of non-basmati rice in the first five months of the fiscal year, compared to $832.523 million from 1.476 million metric tons during the corresponding period last year.
These trends indicate a strengthening of Pakistan’s trade relations regionally while showcasing the country’s potential to expand its export footprint globally. The simultaneous rise in imports and exports underscores Pakistan’s evolving trade dynamics and the potential for future growth.
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