ISLAMABAD, Jul 21: Pakistan’s earnings from Italy in exports and remittances crossed $2 billion in financial year 2021-2022, according to documents available with WealthPK.

The export volume to Italy during the said period stood at $1.146 billion, while the remittances hit $857 million during the year. June 2022 set the record for the highest export volume ever to Italy in a single month, crossing $144 million. The exports to Italy of $1.15 billion in FY 2021-22 were 46% higher than the previous year, while the remittances were 41 % higher than in the same period of last year.

During the financial year ending June 30, 2022, Pakistan received Italian investment in the sectors of food processing, chemicals, construction, leather, footwear, energy related equipment and IT.  Moreover, Italy was also providing technical support in agriculture sector especially related to olive and olive products.

With the record increase in remittances during the last three years, Italy has become the largest contributor to this financial sector from the European Union. In 2021-22, around 25% of the total Pakistan workers remittances from the EU came from Italy alone. Keeping in view the Italian labour market conditions and employment opportunities for Pakistani workers, the growth momentum is likely to maintain in future by connecting more Pakistani workers with the Italian job market.

Credits: INP-WealthPk