Pakistan to boost its food exports to Gulf countries
Pakistan's economy is struggling. Pakistan is facing the toughest time amid rising foreign debt. In order to reduce its trade deficit, it is focusing on restricting its imports and expanding exports. According to the Pakistan import data reports, around 71 billion dollars worth exports were recorded during the fiscal year 2022. Whereas Pakistan's exports amounted to 30 billion dollars in the last year. Last year, Pakistan's trade deficit was around 48 billion dollars. Whereas, this year, the trade deficit had seen a rise of 42% and is estimated around 27 billion dollars. Last year, Pakistan had spent over 4 billion dollars on palm oil imports from Indonesia which caused major debt on Pakistan. To reduce its trade deficit, Pakistan is looking to focus more on some industries like manufacturing, agriculture, etc. Pakistan is likely to make crucial investments in its food sector. It is planning to boost its food exports to gulf countries. Currently, Pakistan is ranked 7th la...