Pakistani envoy says bilateral trade with UAE crossed $10.9 billion in FY24
ISLAMABAD: Pakistan's bilateral trade with the United Arab Emirates (UAE) surpassed $10.9 billion during the fiscal year 2023-24, the country's envoy to the Gulf country said this week, noting that the figure represented the strong economic partnership both nations enjoyed.
Pakistan and UAE have both moved closer in recent months to establish a stronger economic partnership. In January 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
The UAE is Pakistan's third-largest trading partner after China and the United States and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE's foreign ministry.
'Pakistan's Ambassador to the UAE Faisal Tirmizi revealed that bilateral trade between Pakistan and the UAE exceeded $10.9 billion in the fiscal year 2023–24, including both goods and services,' UAE's state-run news agency WAM reported on Friday.
Tirmizi also disclosed that remittances from the Pakistani community in the UAE reached $6.7 billion in 2024, adding that they are expected to surpass $7 billion in 2025.
Tirmizi revealed that goods trade between the two countries during the fiscal year 2023–24 reached $8.41 billion, with Pakistan's exports rising by 41.06% to $2.08 billion while imports from the UAE declined by 14.45% to $6.33 billion, resulting in a 28.28% reduction in the trade deficit.
In the services sector, he said total trade stood at $2.56 billion, marking a 20.54% year-on-year increase.
Tirmizi noted that during the period July 2024 to January 2025, goods trade rose by 21.63%, with Pakistan's exports growing by 7.53%, indicating sustained momentum in economic engagement.
'These figures reflect not only the strength of our economic partnership but also the vital role played by the Pakistani diaspora in supporting the national economy,' Tirmizi said.
The Pakistani envoy said there are nearly 19 Emirati companies currently operating in Pakistan, adding that the UAE has invested significantly in Pakistan's key sectors such as communications, services, tourism, information technology, oil and gas, housing, banking, and real estate.
He pointed out that leading UAE companies Abu Dhabi Ports Company and DP World's had signed agreements related to port operations, including the development of Karachi Port Trust (KPT) and related railway infrastructure projects.
'These investments demonstrate the UAE's deep and long-term commitment to Pakistan's growth and connectivity,' he added.
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