Middle East war to hamper Pakistan’s external trade

KARACHI: The war in the Middle East will severely hamper Pakistan’s trade with the region, as both exports and crucial imports have come to a halt following the cancellation of flights and suspension of shipping operations.

Hundreds of thousands of Pakistanis are stranded in the Middle East as all flights to and from the region were suspended in the wake of war erupted after attacks on Iran by Israel and the US.

Pakistanis have expressed concern over the consequences of the war for the country and for the millions Pakistani workers living in the Middle East. An immediate issue is the large number of Pakistanis currently in Saudi Arabia to perform Umrah.

The business community is in shock, as their exports to the Middle East will remain suspended until the conflict subsides. The UAE is the second-largest trading partner of Pakistan, while the country imports most of its oil from the Middle East. Pakistan also imports liquefied natural gas (LNG) from Qatar.

Remittances likely to decline during Ramazan

Remittances likely to decline during Ramazan

Iran had earlier warned that in the event of war, the Strait of Hormuz would be closed, which means oil supply from the Middle East will come to a halt. Such a move would also hurt oil-producing countries in the region as their economies largely........

© Dawn Business