(MENAFN) Data released by Pakistan’s Ministry of Commerce revealed that Iran’s exports to Pakistan experienced a notable uptick, soaring by 16 percent in the first quarter of 2024 compared to the same period last year, reaching a total of USD286 million. This information, reported by an Iranian news agency, underscores the strengthening trade ties between the two neighboring nations.
In terms of specifics, Pakistan imported goods worth USD247 million from the Islamic Republic during the January-March 2023 period. Notably, Pakistan's imports from Iran in March alone surged by 25 percent, reaching USD95.6 million. This trend continued in January and February, with imports standing at USD104.2 million and USD86.2 million, respectively.
Iran emerged as Pakistan’s ninth-largest import source during this period, highlighting the significance of their bilateral trade relationship. In 2023, Pakistan's imports from Iran amounted to USD944 million, marking a considerable 13 percent increase compared to the previous year.
Against the backdrop of these robust trade figures, Iranian President Ebrahim Raisi embarked on an official visit to Islamabad, Pakistan's capital, on Monday. This visit, which comes at the invitation of his Pakistani counterpart Asif Ali Zardari, underscores the importance of diplomatic engagement in fostering economic cooperation between the two nations.
President Raisi's delegation includes several high-ranking officials from various sectors, emphasizing the multifaceted nature of the discussions expected during the two-day visit. Ahead of his departure, President Raisi expressed optimism about the future of economic ties between Iran and Pakistan, aiming to elevate their economic interactions to a significant milestone of USD10 billion.
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