By Arsalan Ali

ISLAMABAD, August 2, (INP WealthPK): The exports of different items from Pakistan to Spain and Portugal surged by 43 percent and 53 percent, respectively, during the previous financial year, WealthPK reports.

According to the provisional data shared by the State Bank of Pakistan, the volume of exports to Spain reached $1,149.474 million during the financial year 2021-22 compared to $801.702 million in the financial year 2020-21. Pakistan had a trade surplus of $819.349 million with Spain in the previous fiscal.

On month-on-month basis, exports to Spain increased by four percent and reached $106.831 million in June 2022 from $102.957 million in the previous month of the same financial year.

On year-on-year basis, Pakistan’s exports to Spain grew by 62 percent and reached $106.831 million in June 2022 from $ 65.891 million in the same month of 2021. According to the UN COMTRADE database, the top export items from Pakistan to Spain are textile products, beverages, spirits and vinegar.

On the other hand, the import of different items from Spain during the previous fiscal surged by 54 percent and reached $330.125 million from $213.704 million in the financial year 2021.

On month-on-month basis, imports from Spain surged by three percent and reached $20.525 million in June 2022 from $19.867 million in the previous month of the same year. On year-on-year basis, imports from Spain declined by 31 percent to $20.525 in June 2022 from $29.645 million in the same month of 2021.

Data shows that the top import items from Spain include pharmaceutical products, mineral fuels, oils, distillation items, machinery, nuclear reactor, boilers, iron and steel and cotton.

Also, Pakistan’s exports to Portugal increased by 52 percent and reached $270.747 million in the previous fiscal from $ 177.431 million in the financial year 2021. During this period, trade was beneficial for Pakistan. The trade surplus with Portugal grew by 61 percent and reached $258.076 million in the previous fiscal from $157.636 million in the financial year 2021.

On month-on-month basis, exports to Portugal surged by 12 percent and reached $28.106 million in June 2022 from $25.013 million in the previous month of the same financial year.

On year-on-year basis, exports to Portugal surged by 37 percent and reached $28.106 million in June 2022, up from $20.523 million in the same month of 2021. Pakistan’s major export items to Portugal include cotton, manmade staple fibres, apparel items, cereals and textile products.

Imports from Portugal to Pakistan declined by 35 percent in the previous fiscal and reached $12.671 million from $19.795 million in the financial year 2020-21. However, imports from Portugal surged by eight percent on month-on-month basis and reached $1.067 million in June 2022 from $0.983 million in the previous month of the same financial year.

On year-on-year basis, the import of different goods from Portugal to Pakistan declined by 43 percent and reached $1.067 million in June 2022 from $1.873 million in the same month of 2021, shows the data available with WealthPK.

 Credit: Independent News Pakistan—Wealthpk