Pakistan’s goods and services trade with Italy witnessed a surplus of 158.11% during the first five months of the current fiscal year (2022-23) compared to the corresponding period of last year, WealthPK reported. The State Bank of Pakistan (SBP) data shows that trade surplus during the months under review was recorded at $256.423 million against $99.345 million during the corresponding period of last year.

Overall exports to Italy were recorded at $491.636 million during July-November FY23 against the exports of $406.750 million during July-November FY22, showing growth of 20.86%. On a year-on-year (YoY) basis, exports to Italy increased by 14.87% from $78.879 million during November 2022 to $90.616 million during November 2021.

On a month-on-month (MoM) basis, exports to Italy dipped by 2% during November 2022 compared to the exports of $92.482 million during October 2022. Pakistan’s exports to other countries witnessed a decrease of 2.01% during first five months of FY23, from $12.313 billion to $12.065 billion.

Imports from Italy during the period under review were recorded at $235.213 million against $307.405 million last year, showing a decline of 23.48%. On a YoY basis, imports from Italy witnessed a decrease of 57.24% to $76.81 million during November 2021 from $32.843 million during November 2022.

On a MoM basis, imports from Italy increased by 1.28% during November 2022 compared to $32.253 million during October 2022, according to the SBP data. Pakistan’s overall imports witnessed a decrease of 16.15%, from $29.663 billion to $24.872 billion.

Credit : Independent News Pakistan-WealthPk