In a significant development, bilateral trade between Pakistan and Iran reached 1.906 million tons valued at $1.128 billion in the first five months of 2024, reflecting a 2% increase in weight compared to the same period last year. This positions Pakistan as Iran’s fourth-largest trade partner among its neighboring countries.
During the first four months of the year, Iran’s non-oil exports to Pakistan surged to $360 million, marking an impressive 18% increase year-on-year.
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Similarly, Pakistan’s imports from Iran during this timeframe also stood at $360 million, reflecting a consistent 18% growth.
April 2024 witnessed a remarkable uptick in imports from Iran, which surged to $73.2 million, representing a substantial 30% increase compared to April 2023.
In 2023, Iran’s total exports to Pakistan were valued at $944 million, indicating a 13% rise from the previous year. This upward trend in trade highlights the strengthening economic ties between the two nations, paving the way for further collaboration in various sectors.
As both countries continue to explore opportunities for trade and investment, this growth in bilateral trade underscores the importance of mutual cooperation for economic prosperity.
