Pakistan records 10.58 percent increase in exports to Afghanistan amid economic crisis 

Goods carrier trucks cross into Pakistan at the zero point Torkham border crossing between Afghanistan and Pakistan, in Nangarhar province on February 25, 2023. (Photo courtesy: AFP)
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Updated 28 February 2023
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Pakistan records 10.58 percent increase in exports to Afghanistan amid economic crisis 

  • The cash-strapped country’s exports to other countries witnessed a decrease of 7.40 percent in the last seven months 
  • Overall exports to Afghanistan recorded at $285.177mln from Jul till Jan, against exports of $257.888mln last year 

ISLAMABAD: Pakistan’s central bank has revealed that the country’s export of goods and services to Afghanistan saw an increase of 10.58 percent during the first seven months of the current fiscal year (2022-23), a Pakistani state-owned news agency reported on Tuesday, notwithstanding the current economic crisis that has severely affected the export sector. 

The cash-strapped country’s exports to other countries witnessed a decrease of 7.40 percent in the last seven months, from $17.742 billion to $16.429 billion, according to the State Bank of Pakistan (SBP). The situation was aggravated by the devastating floods in the country last year, that almost wiped out the entire cotton crop, the main raw material for the textile sector, in the southern province of Sindh. The floods also partially damaged the crop in the eastern province of Punjab, causing a huge setback to the country’s biggest foreign exchange earning sector. 

Exports also continue to suffer after the government imposed an import ban, including the import of several raw materials, until a lifeline bailout is agreed with the International Monetary Fund (IMF) to keep the economy afloat. As a result, several industries, including steel, textiles and pharmaceuticals, are barely functioning, forcing thousands of plants to close. 

Despite a decrease in exports to other countries, Pakistan steadily sold goods and services, predominately comprising rice, cement, medicines, surgical instruments, and fruit and vegetables, to the neighboring Afghanistan. 

“Pakistan’s export of goods and services to Afghanistan witnessed an increase of 10.58 percent during the first seven months of the current fiscal year (2022-23) as compared to the exports of the corresponding period of last year,” the Associated Press of Pakistan (APP) reported, citing central bank data. 

The report said overall exports to Afghanistan were recorded at $285.177 million from July 2022 to January 2023, against the exports of $257.888 million from July 2021 till January 2022. 

“On a year-to-year basis, the exports to Afghanistan also increased by 93.26 percent from $17.384 million in January 2022, against the exports of $33.598 million in January 2023,” it read. 

On a month-on-month basis, Pakistan’s exports to Afghanistan decreased by 12.24 percent during January 2023 as compared to the exports of $38.297 million in December 2022, the SBP data revealed. 

The report said that imports from Afghanistan into the country during the period under review were recorded at $13.389 million against $105.605 million last year, showing a decline of 87.32 percent from July 2022 till January 2023. 

On a year-on-year basis, imports from Afghanistan witnessed decreased by 99.10 percent, while on a month-on-month basis, imports from the neighboring country dropped by 92.13 percent in January. 

The overall imports into Pakistan witnessed a decrease of 20.91 percent, from $42.297 billion to US $33.451 billion, according to the data. 

Based on the trade figures, the trade of goods and services with Afghanistan witnessed an increase of 78.47 percent in surplus during July-January as compared to the corresponding period of the last year. 

The surplus during the period under review was recorded at $271.788 million against $152.283 million, showing a growth of 78.47 percent, the data revealed. 
 


Pakistan stocks see strong recovery as Iran-Israel ceasefire reports boost investor sentiment

Updated 5 sec ago
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Pakistan stocks see strong recovery as Iran-Israel ceasefire reports boost investor sentiment

  • US President Donald Trump said Monday that Israel and Iran had agreed to a ‘complete’ ceasefire to be phased in over 24 hours
  • Analyst says the momentum is likely to continue, with valuations still shy of a long-term mean and due to market-friendly budget

ISLAMABAD: The Pakistan Stock Exchange (PSX) on Tuesday witnessed a strong recovery amid a reported ceasefire between Israel and Iran, traders and analysts said.

On Monday, United States (US) President Donald Trump said on social media that Israel and Iran had agreed to a “complete and total ceasefire” to be phased in over 24 hours.

The benchmark KSE-100 index surged by 6,079 points, or 5.23 percent, to close at 122,246 points on Tuesday afternoon, compared to the previous day’s close of 116,167 points.

“Stocks closed near all-time high after Iran, Israel agreed to a ceasefire receding fears of escalation in the Middle East tensions,” Ahsan Mehanti of Arif Habib Corporation told Arab News.

“Upbeat economic data on cement sales for Jul-May’25, bull run in global equities and receding fears over high inflation, impact on exports for supply disruptions over Middle East conflict played a catalyst role in the record bullish close.”

Raza Jafri, head of research at Intermarket Securities Ltd., attributed the momentum to reduction in international oil prices along with settling regional tensions.

In volatile trading on Tuesday, crude futures slumped more than five percent after Trump’s declaration of the Iran-Israel ceasefire.

“With valuations still shy of a long-term mean and Pakistan having recently unveiled a market-friendly budget, bullish momentum is expected to continue,” Jafri added.

On Monday, Pakistan’s stocks and currency markets had tumbled as investors reacted to the US foray into the Israel-Iran conflict a day earlier.

Monday’s 3.2 percent fall to 116,167 points was the worst since May 8, when the index had plunged 5.9 percent day-on-day during the India-Pakistan military standoff.


Pakistan reaches out to key allies amid ‘serious escalation’ in Middle East tensions

Updated 24 June 2025
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Pakistan reaches out to key allies amid ‘serious escalation’ in Middle East tensions

  • PM meets envoys of China, Saudi Arabia and Qatar as Iran-Israel conflict risks wider regional war
  • Iran fired missiles at US base in Qatar on Monday, triggering fears of escalation despite ceasefire call

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with the ambassadors of Pakistan’s key allies China, Saudi Arabia and Qatar in Islamabad, as the foreign office expressed concern over a “serious escalation” in Middle East tensions.

Sharif’s meetings with the envoys took place a day after Iran launched missiles against a US air base in Qatar on Monday, causing no casualties, in retaliation for the US dropping 30,000-pound bunker-buster bombs on Iranian underground nuclear facilities over the weekend. Hours later, US President Donald Trump made a surprise announcement of an Israel-Iran ceasefire agreement, suggesting he may have bombed Tehran’s rulers back to the negotiating table.

Tensions have remained high since June 13, when Israel struck Iran’s nuclear facilities and targeted senior military leadership. Iran has since retaliated with repeated missile strikes against Israel, raising fears of a wider regional conflict and prompting international calls for restraint.

“Pakistan expresses its deep concern and alarm at the serious escalation in the security situation in the region as a result of attacks against USA’s Al-Udeid Air Base in Qatar,” the Pakistani foreign office said in a statement on Tuesday, urging all sides to exercise restraint and respect fundamental principles of international law.

On Monday morning, Sharif held separate meetings with Saudi Ambassador Nawaf bin Said Al-Malki and Qatari envoy Ali Mubarak Ali Essa Al-Khater.

“Pakistan will continue to work closely with the Kingdom of Saudi Arabia for peace in the region through dialogue and diplomacy” the PM said on his X account. 

Sharif also met Qatari envoy Al-Khater to express solidarity with the Gulf country following Iran’s attack on the air base.

In the afternoon, the premier met China’s Ambassador to Pakistan, Jiang Zaidong, who, according to a statement from Sharif’s office, “lauded the proactive and positive role being played by Pakistan at every diplomatic forum, including at the UN Security Council, for a peaceful settlement of the [Middle East] crisis through dialogue and diplomacy.” 

China has sought to expand its diplomatic footprint in the Middle East in recent years and notably brokered the Saudi Arabia–Iran rapprochement in 2023, which boosted its credibility as a regional peacemaker. It has also offered to help mediate the current crisis, though it plays a more behind-the-scenes role compared to the US or regional states like Qatar or Oman.

Pakistan has condemned Israel’s strikes against Iran and repeatedly called for de-escalation in the region.

Islamabad has also offered diplomatic support to Tehran at international forums and defended Iran’s right to respond to Israeli and US aggression under the UN Charter, carefully balancing this stance with its close security cooperation and economic partnership with the United States, a major backer of Israel.

The US and Israel say their goal is to cripple Tehran’s nuclear program. 


Pakistan, Saudi Arabia seek to deepen parliamentary cooperation during ongoing visit of Shoura Council 

Updated 24 June 2025
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Pakistan, Saudi Arabia seek to deepen parliamentary cooperation during ongoing visit of Shoura Council 

  • Both sides agree to promote parliamentary exchanges and share legislative experience
  • Parliamentary exchanges are seen as vital to deepen political and legislative partnerships

ISLAMABAD: Pakistan’s National Assembly on Tuesday formally welcomed a high-level delegation of Saudi Arabia’s Shoura Council as the two countries seek to deepen parliamentary cooperation.

The visit is one among many recent efforts to strengthen political, defense and economic links between the longtime allies, who already share robust trade and security partnerships and close cultural ties. Saudi Arabia hosts over two million Pakistani expatriates and has long been a key source of financial support for Islamabad, including during recent economic crises and through workers’ remittances. 

“During the National Assembly Budget Session 2025, Honorable Speaker of the National Assembly, Sardar Ayaz Sadiq, along with Members of the National Assembly, extended a warm welcome to the high-level parliamentary delegation of the Pak-Saudi Parliamentary Friendship Committee of the Saudi Shoura Council present in the Speaker’s Gallery,” the National Assembly said in a statement posted on social media platform X.

The Saudi delegation, led by Major General (Retd.) Dr. Abdulrahman bin Sanhat Al-Harbi, chairman of the Saudi-Pakistan Parliamentary Friendship Committee, includes Dr. Iman bint Abdulaziz Al-Jabreen and Engineer Salem bin Ali Al-Shahrani, both members of the Shoura Council.

The delegation held separate meetings with Speaker Sadiq and other Pakistani parliamentarians earlier, during which both sides agreed to promote parliamentary exchanges and share legislative experience.

“The Pak-Saudi Friendship Group established in the National Assembly is playing an important role in promoting harmony between the parliaments of the two countries,” Speaker Sadiq said in an earlier statement.

“Exchanges of parliamentary delegations will give the parliamentarians of both countries an opportunity to benefit from each other’s experiences.”

Dr. Al-Harbi said Saudi Arabia attached great importance to its relations with Pakistan and reiterated the Kingdom’s commitment to working together for peace and development in the region.

Frequent visits by parliamentary delegations complement high-level diplomatic and ministerial interactions between the two nations and are seen as a way to pave the ground for greater people-to-people contacts and new Saudi investments in Pakistan’s energy, mining and infrastructure sectors.

The visit also comes amid Islamabad’s efforts to attract foreign investment and strengthen partnerships with Gulf countries to stabilize its struggling economy.


Pakistan national carrier resumes flight operations to Gulf countries amid Iran-Israel ceasefire

Updated 24 June 2025
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Pakistan national carrier resumes flight operations to Gulf countries amid Iran-Israel ceasefire

  • PIA suspended flights to Qatar, Bahrain, Kuwait and UAE on Monday night after Iran attacked US air base in Doha
  • Iran’s missile attack was in response to American strikes that targeted Iranian nuclear facilities over the weekend

KARACHI: Pakistan’s national carrier announced on Tuesday it has resumed its flight operations for Gulf countries, which it had suspended following Iran’s missile attack on a United States (US) air base in Qatar a day earlier, as a fragile ceasefire between Tehran and Tel Aviv takes hold. 

The Pakistan International Airlines (PIA) suspended its flights to Saudi Arabia, Qatar, Bahrain, Kuwait and the United Arab Emirates (UAE) on Monday night after Iran confirmed it had attacked American forces stationed at Qatar’s Al-Udeid air base. 

PIA said it had limited its flight operations as a precautionary measure due to the ongoing situation in the Gulf region, where tensions have been high since June 13 after Israel attacked Iran’s nuclear facilities and military leadership, triggering a military conflict between both sides. 

“PIA Flight Operations for Gulf/KSA have resumed,” a PIA spokesperson said in a statement. 

Sharing details of the flights, the spokesperson said PIA’s PK-245 flight departed from Islamabad for Dammam at 12:30 p.m. after a delay of 15 hours while the airline’s PK-743 Karachi to Madinah flight, which was diverted due to the closure of the airspace on Monday, departed at 1:30 p.m. after a delay of 14.5 hours. 

The spokesperson shared that PK-713 flight from Lahore to Madinah also departed at 1:30 p.m. after a delay of seven hours while PK-209 Sialkot to Sharjah flight departed at 1:30 p.m. after a delay of 15 hours.

“In addition, flight PK-221 from Multan to Dubai, flight PK-251 from Sialkot to Doha, flight PK-761 from Karachi to Jeddah, and flight PK-261 from Islamabad to Abu Dhabi also departed at 1:30 pm,” the spokesperson said. 

Due to the delayed departure of these flights, those returning home will also be delayed, he clarified. 

“We apologize for the inconvenience caused to passengers, however, the decision to restrict operations last night was taken in accordance with air safety principles,” the spokesperson said.

Iran’s response came a day after the US launched a surprise attack Sunday morning on three of Iran’s nuclear sites, joining Israel in the biggest Western military action against the Islamic Republic since its 1979 revolution.

US President Donald Trump dismissed Iran’s missile attack as a “weak response,” calling for peace in the Middle East. Hours later on Tuesday, the US president announced both Israel and Iran had agreed to a ceasefire. 

The military conflict between Iran and Israel began on June 13 when the former attacked the latter’s nuclear facilities, alleging Tehran is close to building an atomic weapon. Iran has dismissed Israel’s allegations and says its nuclear program is for peaceful purposes only.


Five dead, five injured as passenger bus catches fire in southwestern Pakistan

Updated 24 June 2025
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Five dead, five injured as passenger bus catches fire in southwestern Pakistan

  • Bus caught fire in Quetta after colliding with qingqi rickshaw reportedly carrying petrol, says official
  • Balochistan government launches probe into incident, vows stern action against those responsible

ISLAMABAD: Five persons were killed and five others were injured in southwestern Pakistan on Tuesday after a passenger bus caught fire following its collision with a three-wheeled qingqi rickshaw, a senior official said. 

The incident took place on the Western Bypass road in Balochistan’s provincial capital Quetta, the provincial government’s spokesperson Shahid Rind said. He said the passenger bus caught fire after colliding with the qingqi, which was reportedly carrying petrol. 

“We express our heartfelt sympathy to the families of the passengers who died in the tragic accident,” Rind said in a statement. “The injured are being provided with immediate and best medical assistance.”

Three of the injured are being treated in the city’s Civil Hospital while two have been admitted to the Bolan Medical Complex, Rind said. 

He said the provincial government has started probing the incident, adding that strict action will be taken against all those found responsible for the accident once the investigation is completed. 

“All possible help and support will be provided to the affected families,” Rind said. 

Road accidents are frequent in southwestern Pakistan, where drivers often lack proper training and often disregard traffic rules and regulations. 

In April, 19 people were killed and over 40 injured in an oil tanker blast that took place in Balochistan’s Nushki district.