Pakistan’s imports from Iran exceeded $1 billion during the last fiscal year (FY24), marking a significant milestone in bilateral trade between the two countries.
According to official data, the country’s imports from Iran surged by 18 percent over the previous year, reaching $1.04 billion in FY24. This is a substantial increase compared to the $880 million reported in FY23, highlighting the strengthening economic ties between Pakistan and Iran.
The growth in imports was particularly notable in the final month of the fiscal year. In June 2024, imports from Iran increased by 38 percent year-on-year, amounting to $90 million. This is a significant rise from the $65.1 million recorded in the same month of the previous fiscal year, indicating a robust end to the fiscal year.
It is also important to consider Pakistan’s overall import figures. In FY24, the total imports stood at $54.734 billion, which is slightly lower than the $55.198 billion reported in FY23. Despite this overall decline, the increase in imports from Iran showcases the importance and potential of the trade relationship between the two nations.
This data underscores the growing economic interaction and collaboration between Pakistan and Iran, with the potential for further growth in the future.