By Jawad Ahmed ISLAMABAD, April 01 (INP-WealthPK): Pakistan's imports and exports are heavily influenced by the European markets. By exporting products and services, Pakistan receives sizable foreign exchange from the European countries, reports WealthPK. According to the data issued by the State Bank of Pakistan (SBP), Pakistan earned $7.044 billion from four European regions in the first eight months of the current fiscal year compared to $5.828 billion in July-February FY21. The comparison shows a solid growth of 20.86% during the corresponding months. Exports reached $510 million to Eastern Europe, $1.935 billion to Northern Europe, $1.657 billion to Southern Europe, and $2.942 billion to Western Europe in July-February FY22. All of these regions' exports have increased by 16.70%, 11.59%, 36.04%, and 20.62%, respectively. [caption id="attachment_65524" align="aligncenter" width="696"] Source: State Bank of Pakistan (SBP)/ WealthPK Research[/caption] Exports to Western Europe increased by $355.534 million in February 2022, compared to $338.767 million in January 2022. Moreover, exports to Eastern Europe, Northern Europe, and Southern Europe have been steadily falling during the corresponding period. [caption id="attachment_65523" align="aligncenter" width="696"] Source: State Bank of Pakistan (SBP)/ WealthPK Research[/caption] Imports from Europe totaled $5.764 billion in July-February 2021-22, up from $4.587 billion in July-February 2020-21, indicating a 25.66% increase over the previous year. During July-February 2021-22, imports from Western Europe totaled $2.775 billion compared to $2.358 billion in the previous year, a 17.68% rise. While comparing the same period of the previous year with the first eight months of FY21-22, imports from Southern Europe increased by 61.39% from $0.531 billion to $0.857 billion, imports from Northern Europe increased by 23.37% from $0.843 billion to $1.04 billion, and imports from Eastern Europe by 27.72% from $0.855 billion to $1.092 billion. [caption id="attachment_65522" align="aligncenter" width="696"] Source: State Bank of Pakistan (SBP)/ WealthPK Research[/caption] According to SBP records, imports from European countries fell in February 2022 compared to the previous month of the current year. Pakistan imported $663.16 million worth of goods and services from all regions of Europe in February 2022, down 12.65% from $759.156 million in January 2022. [caption id="attachment_65521" align="aligncenter" width="696"] Source: State Bank of Pakistan (SBP)/ WealthPK Research[/caption] It is worth mentioning that textile and clothing dominate Pakistan’s exports to European countries. According to the Pakistan Business Council (PBC) statistics, exports of textiles and clothing accounted for 75.2% of overall exports to the European nations in 2020. The majority of imports from Europe are machinery and transport equipment, as well as chemicals.