Pakistan's reliance on imports from Iran increases
- By Asim Mallick -
- Nov 04, 2024
ISLAMABAD: Pakistan’s reliance on imports from its neighbouring Iran increased significantly after witnessing a rise of 38 percent (pc), ARY News reported on Monday.
According to sources, in the first quarter of the current fiscal year, imports from Iran saw a significant hike of 38pc, and the volume of imports reached a substantial $308.5 million from July to Sep.
During the same period of the last fiscal year, imports from Iran were valued at $223.1 million.
Reports suggest that in Sep 2024 alone, imports from Iran grew by 37pc yearly, with a total import volume Of $99.6 million.
The sources from the Government claim that in Sep 2023, imports from Iran were valued at $73 million.
For the last three consecutive fiscal years, Pakistani exports to Iran remained nil due To the lack of banking channels, which was a consequence Of U.S. sanctions, sources report.
Back in April of this year, Pakistan’s imports from Iran increased by 16pc in the first nine months of 2024 compared to the same period last year to reach $286 million, the sources within the Ministry of Commerce said.
According to the sources within the ministry, Pakistan imported $247 million of goods from the Islamic Republic of Iran during July-March 2023-24.
As reported, Pakistan’s imports from Iran in March also increased by 25 percent to stand at $95.6 million; the imports in January and February stood at $104.2 million and $86.2 million, respectively.
Earlier this year, Iran expressed interest in boosting imports with Pakistan importing meat, rice and other agricultural products.
In a separate development, Deputy Prime Minister Ishaq Dar emphasised that the government’s actions regarding the Iran-Pakistan gas pipeline would prioritise national interests and deter any external interference.
The deputy prime, to a query regarding Iran-Pakistan gas pipeline, said Pakistan, as a sovereign country, would take decisions in the best national interests and would not allow interference into its international obligations.
In the visit, both countries reiterated the importance of cooperation in the energy domain, including trade in electricity, power transmission lines and Iran-Pakistan Gas Pipeline Project.