Raza Khan

Pakistan exported goods worth $5.347 billion to European countries during the first six months of the current fiscal against $5.606 billion in the corresponding period of the previous financial year, WealthPK reports. According to the provisional data released by the Ministry of Commerce, Pakistan’s exports to Europe registered a growth of 4.84% during the first half of the current fiscal against the period of the previous year.

Exports to European countries registered positive growth during the first six months of the ongoing fiscal despite a decline of 5.79% in the country’s overall exports during the period under review. With an export volume of $984 million, the United Kingdom remained the third-largest market for Pakistan during the first half of the current fiscal. However, exports to the UK dropped by 11.52% during the first six months of the ongoing financial year compared to the corresponding period of the previous year.

With an export volume of $859 million, Germany remained the second-largest destination for Pakistani goods during the period under review. Exports to Germany rose by 2.87% during the first half of the current year as compared to the same period of the previous fiscal. Germany also remained Pakistan’s largest export destination among the member countries of the European Union.

The Netherlands remained Pakistan’s third largest market in Europe during the ongoing fiscal with an export volume of $774 million, registering a growth of 7.35% against the first half of the previous financial year. Exports to Spain grew by 35.87% during the period under review and reached $690.69 million from $508.33 million in the first six months of the previous year.

The volume of exports to Italy reached $572.85 million during the first half of the ongoing financial year from $488.68 million in the corresponding period of the preceding year, showing an increase of 17.22%. Italy remained the fifth largest market for Pakistani goods in Europe.

Exports to Belgium, France, Denmark, Sweden and Switzerland were recorded at $372.23 million, $297.54 million, $124.13 million, $89.51 million and $105.55 million, respectively, in the current fiscal. According to the Pakistan Bureau of Statistics (PBS),  the country’s total exports were recorded at $14.249 billion during the first half of the ongoing financial year, against $15.125 billion during the corresponding period of the previous fiscal, showing a decline of 5.79%.

Pakistan’s exports to European countries declined by 13.85% in December 2022. The volume of exports to Europe was registered at $865.77 million in December 2022 against $1.005 billion during the same month of the preceding year. Pakistan’s overall exports to Europe were registered at $11.103 billion during the last fiscal compared to $9.111 billion in the financial year 2020-21, marking an increase of $21.86%.

The UK remained the largest market for Pakistani goods during the last fiscal. The volume of exports to the UK was recorded at $2.2 billion in the financial year 2021-22 against $2.048 billion in 2020-21, registering a surge of 7.42%. According to the data, Europe is the largest export destination as a continent for Pakistan while European Union, as a region, is also the biggest market for the country.

According to Pakistan Business Council (PBC), 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, toilet linen 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, according to the information gathered by WealthPK.

Credit: Independent News Pakistan-WealthPk