Raza Khan

Pakistan’s exports to Europe registered negative growth of 14.44% in the first month of the current fiscal year (2022-23) compared to the corresponding month of last fiscal year.

According to a State Bank of Pakistan (SBP) report, available with WealthPK, the country’s exports to Europe recorded at $883.79 million in July this year against $1.033 billion during the same month of last year. Its exports in July this year also declined by 19.72% when compared to exports of $1.101 billion in the preceding month (June 2022). 

The report said the UK remained Pakistan’s largest export destination in Europe with value of $160.1 million during the month under review despite decline of 11.22% in exports compared to the first month of last fiscal year 2021-22. Exports to the UK were recorded at $180.35 million in July last year, the SBP said. 

Exports to Germany rose to $136 million in July 2022 from $129 million in the corresponding month of last year, with an increase of 5.42%, making it second largest export destination for Pakistan in European Continent.

With the addition of 17.13%, Pakistan’s export to the Netherlands registered $113.41 million during the month under review against $96.82 million in the same month of last year. Goods worth $105.3 million were shipped to Italy during July this year compared to $89.97 million in the same month of 2021, posting a growth of 17%.

Exports to Spain rose to $92.32 million in July 2022 from $70 million in the corresponding month of preceding year, showing an increase of 31.88%.

Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded $65.54 million, $43.07 million, $22.56 million, $12.19 million, and $11.68 million respectively during July.

Pakistan’s overall exports to Europe were registered $11.103 billion during the last fiscal year compared to $9.111 billion, an increase of $21.86%.

The UK, said the report, remained largest market for Pakistan’s goods export during the last fiscal year. Exports’ value to the UK was $2.2 billion in 2021-22 against 2.048 billion in 2020-21 -- a surge of 7.42%.  

According to data, Europe is Pakistan’s largest export destination as a continent while European Union (EU) as a region is largest market for country’s export.

The Pakistan Business Council (PBC) told WealthPK that Pakistan’s exports to Europe are dominated by textiles and clothing, accounting for around 70% of total exports. Cotton, leather goods, sports goods, plastic, rice and cereals are also among the top export items to Europe.

Credit : Independent News Pakistan-WealthPk