Arsalan Ali

Exports from Pakistan to its top six European trading partners registered an increase of 14% and reached $2.420 billion in the first four months (July-October) of the current fiscal year (2022-23) compared to $2.116 billion in the same period of the previous fiscal, WealthPK reported.

TDAP/WealthPK research

Based on data available from Trade Development Authority of Pakistan (TDAP), exports from Pakistan to Germany, the Netherlands, Spain, Italy, Belgium, and France in October 2022 were $538.97 million as opposed to $507.44 million in October 2021, a 6% increase from the previous fiscal year.

Exports from Pakistan to Germany were recorded at $124.5 million in October 2022 as against $129.55 million in October 2021, showing a 4% decline. Exports from Pakistan to Germany in the first four months of the current financial year were recorded at $591.58 million compared to $551.18 million in the same period of the previous fiscal year.

Exports from Pakistan to the Netherlands reached $127.14 million in Oct 2022 compared to $116.42 million in October 2021, indicating a growth of 9%. Exports from Pakistan to the Netherlands in (July-October) FY23 rose by 15% to $573.1 million as against $495.3 million in the same period of the previous year.

Exports from Pakistan to Spain stood at $116.99 million in October 2022 as against $90.93 million in the same month of the previous fiscal, showing a growth of 29%. From (July-October) of FY23, exports from Pakistan to Spain were recorded at $479.16 million, up from $367.53 million during the same period of the previous fiscal.

Exports to Italy were recorded at $79.18 million in October 2022 compared to $68.65 million in the same month of the previous fiscal, showing a 15% growth. From July-October of FY23, exports from Pakistan to Italy reached $360.15 million, up from $306.8 million in July-October FY22.

Exports from Pakistan to Belgium and France were recorded at $56.5 million and $34.66 million, respectively, in October 2022 compared to $65.57 million and $36.32 million, respectively, in the same month of the last fiscal year. From July-October FY23, exports from Pakistan to Belgium and France reached $243.83 million and $172.26 million, against $242.67 million and $153.23 in the same period of the last fiscal year.

Sajid Ali, Research Associate at TDAP, told WealthPK that rising energy prices have impacted the European countries. He said the supply disruption has also had an impact on the GDP (gross domestic product) of many European countries. Furthermore, as a result of supply disruptions, inflation has been on the rise. This gives Pakistan an opportunity to increase its exports to European countries.

Sajid said this will only be possible if Pakistan experiences political stability and the cost of doing business falls. He said textiles are a major export from Pakistan to European countries. He also stated that providing competitive energy to the textile industry would aid in increasing textile exports. Furthermore, he said, Pakistan can increase its exports of products whose supply in Europe has been severely disrupted due to energy shortages.

Credit : Independent News Pakistan-WealthPk