Imports from Iran to Pakistan have increased by a significant 25% in the first month of the new government.
According to government sources, imports from Iran have increased by 16% in the first nine months of this fiscal year. In March 2024, the volume of imports from Iran was $95.6 million, compared to $76.4 million in March 2023. Similarly, in February 2024, imports were valued at $86.1 million. From July to March, imports from Iran amounted to $773.3 million, up from $669.1 million in the same period last year. Reports indicate that Pakistan’s exports to Iran have been at zero for the past three financial years, due to the lack of banking channels resulting from US sanctions.
On the other hand, the US has warned countries that wish to trade with Iran of possible sanctions. It has stated that the US is one of Pakistan’s biggest investors and that the economic success of Pakistan is in the interest of both countries, with hopes of continuing their partnership.
Iranian President Ibrahim Raisi recently visited Pakistan for three days, meeting with Prime Minister Shehbaz Sharif and Army Chief General Asim Munir. During a joint press conference, President Raisi expressed his dissatisfaction with the current economic and trade volume between Iran and Pakistan. He emphasized the need to increase the trade volume between the two countries to $10 billion in the first phase.
