Raza Khan

Pakistan’s exports to European countries grew by 4.3% to $6.462 billion during the first seven months (July-January) of the current Fiscal Year (2022-23) as against the exports of $6.191 billion in the corresponding period of the last year, reports WealthPK. According to the Ministry of Commerce, exports to the European countries managed to register a positive growth during the first seven months of 2022-23 despite a decline of 7% in the overall exports during the period under review.

According to the Pakistan Bureau of Statistics (PBS), the country’s total exports were worth $16.499 billion during July-January period of the current fiscal year as against the total exports of $17.739 billion during the corresponding period of 2021-22. With an export volume of $1.163 billion, the UK remained the largest market for Pakistan during the first seven months of 2022-23. Exports to the UK dropped by 11.15% during the months under review as against the corresponding period of last year.

With an export volume of $1.010 billion, Germany stands as the second-largest export destination for Pakistan during the period under review. Exports to Germany rose by 1.81% during July-January as compared to the same period of the last fiscal year. Germany also remained Pakistan’s largest export destination among the European Union (EU) countries.

The Netherlands remained Pakistan’s third largest market in Europe during July-January with an export volume of $654 million, registering a growth of 6.88% as against the same period last year. Exports to Spain grew by 33.33% during the period under review to $808 million from $606 million in the corresponding period of the last fiscal year.

Exports to Italy rose to $661 million during the period under review from $569 million in the corresponding months of the preceding year, showing an increase of 16.16%. Italy registered as the fifth-largest market for Pakistan’s goods in Europe during July-January.

Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded at $424 million, $346 million, $135 million, $100 million, and $117 million, respectively, during the July-January period. Exports to the European countries marginally increased by 1% in January 2023 against the same month of the last year. Exports to Europe were worth $852.45 million in January this year as against the exports of $844.22 million during the corresponding month of the last year.

The overall exports to Europe were registered at $11.103 billion during the last fiscal year (2021-22) compared to $9.111 billion in 2020-21, with an increase of 21.86%. The United Kingdom remained the largest market for export of goods during the last fiscal year. The value of exports was registered at $2.2 billion in 2021-22 as against $2.048 billion in 2020-21, with a surge of 7.42%.

According to the data, Europe is Pakistan’s largest export destination as a continent, while the EU as a region is also the biggest market for the country’s exports. According to the Pakistan Business Council (PBC), exports to Europe are dominated by textiles and clothing, accounting for around 70% of the country’s total exports to the continent in recent years.

Around a quarter of these exports are bed linen, table linen and toilet and kitchen linen, making around a quarter of these exports. Cotton, leather products, sports goods, plastic, rice, and cereals are also among the top export items to Europe. Pakistan is also a major beneficiary of the trading opportunities offered by the EU Generalized Scheme of Preferences (GSP+).

Credit: Independent News Pakistan-WealthPk