Iranian imports increase by 25% in Pakistan

Imports from Iran rose by a whopping 25 percent year-on-year in the first month of the new government.

According to the media reports quoting government sources, imports from Iran increased by 16% in the first nine months of this fiscal year. The volume of imports from Iran in March 2024 was 95.6 million dollars, while in March 2023, imports from Iran were 76.4 million dollars.

It is also reported that in February 2024, the volume of imports from Iran was 86.1 million dollars. From July to March, imports from Iran were recorded at 773.3 million dollars, while in the same period last year, the volume of imports from Iran was $669.1 million.

According to the media reports, Pakistan's exports to Iran remained zero during the last three consecutive financial years. Lack of banking channels due to US sanctions is the main reason for exports remaining zero. During the last three years, Pakistan's imports from Iran have been $2.17 billion.

US warns countries of sanctions wishing to trade with Iran

On the other hand, the United States has warned the countries that want to trade with Iran of sanctions, saying that those considering trade agreements may face possible sanctions.

It stated that US is one of the biggest investors of Pakistan. The economic success of Pakistan is in the interest of both countries, we are looking forward to continue our partnership.

It is pertinent to note that yesterday Iranian President Ibrahim Raisi arrived in Pakistan on a three-day visit. He was presented with a guard of honor at the Prime Minister's House. He met with Prime Minister Shehbaz Sharif and Army Chief General Asim Munir.

While holding a joint press conference with the Prime Minister, Iranian President Ibrahim Raisi said that the economic and trade volume between Iran and Pakistan is not acceptable, we have decided to increase the trade volume between the two countries to 10 billion dollars in the first phase.