Raza Khan

Pakistan’s exports to European countries posted 4.20% growth during the first eight months (July-February) of the current fiscal year (2022-23) despite a decline in the country’s overall exports. Exports to European countries were recorded at $7.340 billion during July-February FY23 against $7.044 billion during the same period of last year, according to the Ministry of Commerce.

The country’s overall exports witnessed a decline of 9.21% during the period under review. According to the Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $18.678 billion during July-February FY23 against $20.573 billion during the corresponding months of FY22. With an export volume of $1.329 billion, the United Kingdom remained the largest market for Pakistan in Europe during the period under review. Exports to the UK dropped by 9.71% during July-February FY23 against the corresponding period of last year.

With an export volume of $1.141 billion, Germany remained the second largest export destination for Pakistan in Europe during the period under review as exports marginally rose by 0.79% compared to the same period of last fiscal year. Germany also remained Pakistan’s largest export destination among the European Union countries.

The Netherlands remained Pakistan’s third largest market in Europe during the first eight months of FY23 with an export volume of $974.10 million, registering a growth of 6.24% against the same period of last year. Exports to Spain grew by 31.88% during the period under review to $922.37 million from $699.38 million during the corresponding period of the last fiscal year.

Exports to Italy, Belgium, France, Denmark, Sweden and Switzerland were recorded at $759 million, $469 million, $393 million, $149 million, $111 million and $140 million, respectively, during July-February FY23. Pakistan’s exports to European countries increased by 3% during February 2023 against the same month of last year. Exports to Europe were registered at $878.39 million during February against $852.98 million during the corresponding month of last year.

Pakistan’s overall exports to Europe were registered at $11.103 billion during 2021-22 compared to $9.111 billion during 2020-21, with an increase of $21.86%. According to data, Europe is Pakistan’s largest export destination as a continent, while the EU is the largest export destination as a region.

According to Pakistan Business Council (PBC), the country’s exports to Europe are dominated by textiles and clothing, accounting for around 70% of the country’s total exports. Around a quarter of these exports are bed linen, table linen and toilet and kitchen linen. Cotton, leather goods, 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 Generalised Scheme of Preferences (GSP+).

Credit: Independent News Pakistan-WealthPk