Raza Khan

Pakistan’s exports to European countries were recorded at $4.739 billion during the first five months (July-November) of the current fiscal year against $4.341 billion during the same period of last year, according to the Ministry of Commerce. Data shows that exports to European countries registered a growth of 9.16% during July-November 2022-23 against the same months of last fiscal year. On the other hand, a decline of 3.37% was witnessed in the country’s overall exports during the period under review.

Despite the decline of 10.30% in exports, the United Kingdom remained Pakistan’s largest market in Europe with an export value of $846.99 million during July-November FY23. Exports to the UK were recorded at $944.33 million during the first five months of the last fiscal year.

Exports to Germany rose to $744.93 million during July-November FY23 from $691.26 million during the corresponding months of last year, with an increase of 7.76%, making it second largest export destination for Pakistan in the European continent. With a growth of 12.32%, Pakistan’s exports to the Netherlands were registered at $622.99 million during the period under review against $554.65 million during the corresponding period of last year.

Goods worth $568.56 million were shipped to Spain during July-November this year compared to $410.09 million during the corresponding months of 2021, posting a significant growth of 38.64%. Exports to Italy rose to $491.63 million during the period under review from $406.75 million during the corresponding months of the preceding year, showing an increase of 20.84%. Italy was the fifth largest market for Pakistan’s goods in Europe during the period under review.

Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded at $322.50 million, $252.69 million, $111.11 million, $77.28 million, and $ 91.92 million, respectively, during July-November FY23. Pakistan’s exports to European countries declined by 3.25% in November 2022 against the same month of last year. Exports to Europe were registered at $888 million in November against $918.35 million during the corresponding month of last year. 

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

According to data, Europe is Pakistan’s largest export destination as a continent, while the European Union as a region is also the biggest market for the country’s exports. According to Pakistan Business Council (PBC), Pakistan’s exports to Europe are dominated by textiles and clothing. 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 European Union Generalised Scheme of Preferences (GSP+).

Credit : Independent News Pakistan-WealthPk