Pakistan and China have agreed to enhance cooperation in the livestock and meat export sectors, media reported on Sunday, as Islamabad seeks to deepen economic cooperation with Beijing.

Pakistan exported meat, including beef, mutton and poultry, to China, worth Rs142.3 billion ($512 million), in fiscal year 2023-24, according to Pakistan’s statistics bureau. Pakistan’s halal meat production stands at six million metric tons, of which a substantial quantity is available for export after meeting the local demand.

The understanding to enhance bilateral cooperation in livestock and meat export sectors was reached during Pakistan Food Security Minister Rana Tanveer Hussain’s meeting with a Chinese delegation, the Radio Pakistan broadcaster reported.

“Pakistan has vast livestock resources and the potential to produce high-quality halal meat,” the broadcaster said, citing Hussain.

“The participants agreed to promote the establishment of modern slaughterhouses, meat processing facilities and export infrastructure in Pakistan.”

Pakistan will also improve modern technology, cold chain systems and traceability mechanisms to enhance exports of quality halal meat to China, according to the report.

In December last year, Pakistan’s prime minister approved the halal meat export policy and directed authorities draw up a three-year action plan aimed at targeting Muslim and global markets.

The new export strategy outlines regulatory reforms, disease control measures and upgraded slaughterhouse standards that fulfill the global criteria.

In September 2025, a Karachi-based private company, The Organic Meat Company Limited (TOMCL), secured a $7.5 million order to export cooked or heat-treated frozen boneless beef to China, followed by an $8.1 million contract with Gold Crest Trading FZE for frozen boneless beef exports to the UAE for industrial and household processing.
 

Pakistan’s yearly import bill for petroleum products has exceeded the International Monetary Fund’s (IMF) prediction for fiscal year 2025-26 following a dramatic spike in global crude oil prices due to escalating tensions in the Middle East.

The official data showed that the oil import bill in FY2025-26 stood at $16.86 billion, exceeding IMF’s prediction of $15.28 billion by $1.58 billion.

The statistics showed petroleum imports grew 5.76% on-year, as worldwide oil prices surged and the government continued to depend on imported energy to meet domestic demand.

The surge came amid jitters in oil markets over the dispute involving Iran, Israel and the United States and fears over shipping via the Strait of Hormuz, a critical waterway through which almost one fifth of the world’s oil supply passes. The uncertainty sent benchmark crude prices considerably higher in the closing months of the fiscal year, raising Pakistan’s import expenditures.

The IMF has estimated Pakistan’s petroleum import bill to be $16.31 billion for the ongoing fiscal year 2026-27. But analysts say the forecast might be under pressure if geopolitical tensions continue and global oil prices stay high.

The hike in import bill has also been reflected in domestic fuel prices with petrol and high speed diesel touching all time high levels in the past few weeks. The higher energy price is projected to stoke inflation, broaden the country’s import bill and boost demand for foreign currencies.

Pakistan’s economy is extremely sensitive to changes in the international energy prices as it imports the major portion of its crude oil and petroleum products. Along with machinery and edible oil, petroleum is among the country’s biggest imports. Petroleum is core to the trade imbalance and current account balance.

Despite the increasing petroleum import cost, the external sector of Pakistan remained reasonably stable in FY2025-26, aided by record workers’ remittances and tighter import management. But economists warn that a sustained period of high oil prices could make it more difficult to keep the macroeconomy stable and satisfy fiscal and external sector targets established with the IMF.

In official records, Pakistan’s oil imports have been estimated at $16.86 billion in FY2025-26, although the IMF had earlier put the figure at $15.28 billion for the year. The Fund’s revised predictions show imports could stay over $16 billion in FY2026-27, although the actual number will be primarily determined by international oil prices and domestic energy use.

– Pakistan Stock Exchange (PSX) opened new business week on a negative note amid rising tensions in the Middle East.

During early trading, the KSE-100 index shed 1,522.46 points to drop to 174,280.32 points, reflecting a negative change of 0.87 percent compared to previous week 175,802.78 points.

Meanwhile, Asian share markets slipped on Monday as the escalating conflict in the Gulf lifted oil prices and fanned fears of inflation, while a packed week of major tech earnings will further test investor faith in the AI trade.

Brent crude climbed above $90 a barrel for the first time in more than a month as the U.S. military started a ninth straight day of attacks against Iran, which in turn struck targets across the region. Just a handful of ships transited the Strait of Hormuz on Sunday and one was reported to be on fire.

Brent duly added ⁠2.6% to $90.40 a barrel, while U.S. crude rose 2.3% to $84.39.