KARACHI: Pakistan’s trade deficit with Gulf Cooperation Council (GCC) states narrowed to $3.84 billion in the July–September quarter, down 4 percent from the same period last year, driven by falling global oil prices and reduced re-gasified liquefied natural gas (RLNG) imports, according to State Bank of Pakistan (SBP) data.
Pakistan’s imports from GCC countries declined 5 percent year-on-year to $4.61 billion, while exports to the bloc fell 11.4 percent to $767 million, the data showed.
“This contraction in our trade deficit with the Gulf region reflects the recent decrease in international brent prices as well as Pakistan’s reduced RLNG imports from Qatar in recent months,” Shankar Talreja, head of research at Topline Securities, told Arab News on Monday, noting that benchmark Brent crude prices declined more than 13 percent to $68.16 per barrel in the quarter.
“Oil prices have weakened by over $10 per barrel as a result petroleum imports are under control,” Talreja said.
Pakistan’s imports from Qatar dropped over 12 percent to $781 million in the period, SBP data shows.
