[ad_1]
ISLAMABAD: Pakistan’s exports to European countries resurged in the first quarter of the current fiscal year primarily due to higher shipments to western states.
In absolute terms, Pakistan’s exports to the European Union (EU) rose 7.88pc to $2.204 billion in the July-September FY25 from $2.043bn in the same period last year, according to data compiled by the State Bank of Pakistan.
The increase was mainly due to a slight increase in demand for Pakistani goods in western, eastern, and northern Europe. In FY24, Pakistan’s exports to the EU dipped 3.12pc to $8.240bn despite its GSP+ status, which allows duty-free entry into most European markets.
In October 2023, the European Parliament unanimously voted to extend the GSP+ status for another four years until 2027 for developing countries, including Pakistan, to enjoy duty-free or minimum duty on European exports.
Western Europe, which includes countries such as Germany, the Netherlands, France, Italy, and Belgium, accounts for the largest portion of Pakistan’s exports to the EU. The exports to this region increased by 12.04pc to $1.088bn in 3MFY25, up from $0.971bn in 1QFY24.
While exports to western Europe increased and recorded a paltry growth to Eastern and northern Europe, there is a silver lining in the form of an uptick in exports to eastern Europe. The exports to northern Europe saw an increase of 9.89pc to $165.500m in 3MFY25, up from $150.602m in the corresponding months last year.
Exports to southern Europe saw a paltry decline of 0.144pc to $772.633m in 3MFY25 from $773.748m in the corresponding period last year. In this region, exports to Spain dipped 3.32pc to $354.81m in 3MFY25 from $367.03m in the preceding year.
Exports to Italy declined 0.84pc to $296.62m in 3MFY25 compared to $299.16m in the same period last year. Exports to Greece recorded a marginal increase of 6pc to $31.64m during the year under review.
However, exports to eastern Europe witnessed a growth of 19.96pc. The export value to this region stood at $178.252m, up from $148.588m in the corresponding period last year.
Published in Dawn, November 10th, 2024
[ad_2]
Source link
