Raza Khan ISLAMABAD, May 20 (INP-WealthPK): Pakistan’s exports to Italy increased by 37.57% during the first 10 months (July-April) of the current fiscal year as against the corresponding period of the last financial year, reports WealthPK. According to the Ministry of Commerce, exports to Italy rose to $886 million in July-April 2021-22 from $644 million during the corresponding period of the last fiscal year. In quarterly analysis, exports to the European Union (EU) – one of the largest trade destinations – surged by 32% during the first quarter (July-October) of the current fiscal year rising to $235 million from $178 million in Q1 of the last financial year. Exports to Italy rose to $228 million during Q2 of 2021-22 from $184 million in the corresponding period of last year, up 24%. A significant increase of 53% was recorded in exports to Italy during the Q3 (January-March) of this year and export volume rose to $328 million from $214 million during the same quarter of the last financial year. The upward trend in exports to Italy continued in April and export volume was recorded $95 million against $68 million during the same month of the last year, registering a growth of 39%. According to Jauhar Saleem, Pakistan’s Ambassador to Italy, exports to Italy are expected to reach the $1 billion mark in the current fiscal year. “Pakistan’s exports to Italy have already reached an all-time high during the first nine months of 2021-22, mainly led by an increase in value-added textile products,” the ambassador said in a statement. Pakistan maintained its position as a market leader in rice export to Italy with a share of 38%, Saleem said, adding that growth in exports was expected to continue in the last quarter of the ongoing financial year. The ambassador said remittances from Italy also reached an all-time high of $639 million in the first nine months of 2020-21, which marked a 48% increase over the last year. “This increase makes Italy Pakistan’s biggest source of remittances in the European Union and 7th largest in the world,” Saleem added. In the area of investment, industrial and technological cooperation, Ambassador Saleem mentioned that various Italian firms were keen to invest in the fields of energy, food processing, leather, textile, construction and furnishing. According to the Pakistan Business Council (PBC), the top exported items to Italy were bedlinen of cotton, bedlinen of textile materials, T-shirts, cotton, garments, leather garments, footwear, sportswear, rice, food items and minerals. Pakistan also imports wood pulp, fibrous cellulosic material, tools, cutlery of base metal, manmade filaments, animal and vegetable fats and oils and machinery from Italy. According to the data, exports to Italy posted growth in most of the months during the current fiscal year as compared to the corresponding months of the last year apart from December when exports slightly fell by 1%. The highest increase of 64% was recorded in August 2021 while the highest monthly exports of $123 million were registered in February this year. Pakistan posted a trade surplus of $300 million with Italy in 2020-21. Italy is among Pakistan’s top 10 export destinations this year and among top five in the EU.