Raza Khan

Pakistan’s exports to Europe were recorded at $1.023 billion in August 2022 against $815.224 million in the same month of last year, the Ministry of Commerce reported.

According to provisional data, exports to Europe registered a growth of 25.48% in the second month of the current fiscal year (2022-23) against the same month of the last fiscal year.

Pakistan’s exports to Europe in August also grew by 15.75% when compared to exports of $883.79 million in the preceding month (July 2022). 

The United Kingdom remained Pakistan’s top export destination in Europe with export value of $178.13 million in the month under review with year-over-year (YoY) growth of 4.39%. Exports to the UK were recorded at $170.63 million in August last year.

Exports to Germany rose to $166.72 million in August 2022 from $136.21 million in the corresponding month of last year, an increase of 22.4%, making it the second-largest export destination for Pakistan in Europe.

With a surge of 41%, Pakistan’s exports to The Netherlands were registered at $143.63 million in the month under review against $101.81 million in the same month of last year.

Goods worth $119.12 million were shipped to Spain in August this year compared to $78.16 million in the same month of 2021, posting a growth of 52.40%.

Exports to Italy rose to $91.84 million in August 2022 from $70.25 million in the corresponding month of the preceding year, showing an increase of 30.73%.

Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded at $69.31million, $53.84 million, $30.043 million, $20.21 million, and $16.55 million, respectively, in July.

Pakistan’s overall exports to Europe were recorded at $11.103 billion in 2021-22 compared to $9.111 billion in 2020-21, showing an increase of $21.86%.

The UK remained the largest market for Pakistan’s goods exports in the last fiscal year. Exports value to the UK was recorded 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 (EU) 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, accounting for around 70% of total exports in recent years. 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+). Pakistan is getting benefits from generous tariff preferences (mostly zero duties on two-thirds of all product categories) under the GSP+ arrangement aiming to support sustainable development.

Credit: Independent News Pakistan-WealthPk