Raza Khan

Pakistan’s exports to European countries were recorded at $3.85 billion during the first four months (July-October) of the current fiscal year (2022-23) against $3.423 billion during the same period of the last year, with a growth of 12.47%, according to the Ministry of Commerce. According to the latest data, exports to Europe registered a growth of 12.47% during July-October FY23 against the corresponding period of FY22. Despite a decline of 8% in exports, the United Kingdom remained Pakistan’s largest market in Europe, with an export value of $685.61 million during the period under review.

Exports to the UK were recorded at $745.75 million during the first four months of last fiscal year. Exports to Germany rose to $605.47 million during July-October FY23 from $536.22 million during the corresponding months of last year, with an increase of 13%, making it the second-largest export destination for Pakistan in the European continent. With a surge of 15.43%, Pakistan’s exports to the Netherlands were registered at $504.83 million during the period under review against $437.31 million during the corresponding period of last year.

Goods worth $450.24 million were shipped to Spain during July-October this year compared to $316.49 million during the same months of 2021, posting a growth of 42.26%. Exports to Italy rose to $401 million during the period under review from $327.87million during the corresponding months of the preceding year, showing an increase of 22.30%. Italy remained the fifth largest market for Pakistan’s goods in Europe during July-October.  Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded at $259.20 million, $209.85 million, $95.27 million, $61.95 million, and $82.18 million, respectively, during the period under review. Pakistan’s exports to Europe grew by 11.74% during October 2022 against the same month of last year.

Exports to Europe were registered at $962.23 million during October FY23 against $861.10 million during the corresponding month of FY22. Pakistan’s overall exports to Europe were registered at $11.103 billion during the 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 goods export during the last fiscal year. Exports value to the UK was registered at $2.2 billion during 2021-22 against 2.048 billion during 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 Pakistan’s exports.

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