Arsalan Ali

Pakistan’s exports to Scandinavian countries surged by 20% in the first two months of the current fiscal year (FY23) compared to the same period of the previous fiscal year, WealthPK reports.

Exports of products from Pakistan to Denmark, Norway, and Sweden reached $95.243 million in July-August FY23 as compared to $79.439 million in July-August FY22, data from the State Bank of Pakistan (SBP) shows.

Trade balance was in Pakistan’s favour during the period under review. Pakistan’s trade surplus with Scandinavian countries was recorded at $42.932 million in two months of FY23.

Exports from Pakistan to Denmark increased by 68% to $30.043 million in August 2022, up from $17.838 million in August 2021. In the first two months of the current fiscal year, exports to Denmark reached $52.611 million compared to $37.459 million in the corresponding period of the previous year, showing a growth of 40%.

The trade surplus with Denmark was recorded at $41.028 million in the first two months of FY23.

Data from the UN Comtrade database shows that major export items from Pakistan to Denmark include textile products, toys, games, sports requisites, articles of leather, animal guts, harness, travel goods, cereals, optical, photo, technical, medical apparatus, and cotton.

Imports from Denmark include pharmaceutical products, machinery, nuclear reactor, boilers, iron and steel, optical, photo, medical apparatus, electric and electronic equipment.

Exports of products from Pakistan to Norway reached $5.938 million in August 2022 compared to $5.995 million in August 2021, showing a decline of 1%.

In July-Aug FY23, exports to Norway were $10.224 million compared to $11.384 million in the same period of the previous fiscal, showing a decrease of $1.160 million.

Major export items from Pakistan to Norway include textile products, articles of leather, animal guts, harness, travel goods, cereals, fruits, and cotton. Major import items from Norway are iron and steel, commodities not specified according to kind, and aluminium.

Exports from Pakistan to Sweden grew by 54% to $20.218 million in August 2022 compared to $13.171 million in August 2021.

Also, in the first two months of FY23, exports to Sweden reached $32.408 million compared to $30.596 million in the corresponding period of the preceding year, showing a growth of 6%.

The trade deficit with Sweden stood at $2.115 million in the first two months of the current fiscal year.

Major export items from Pakistan to Sweden include textile products, cereals, toys, games, sports requisites, furniture, lighting signs, and prefabricated buildings.

Credit: Independent News Pakistan-WealthPk