Italy becomes ‘Billion Dollar’ export market for Pakistan

ISLAMABAD – At a time when Pakistan’s economy is struggling with ever widening trade deficit, some of our export markets are displaying exceptional growth.

Italy is among the countries where Pakistan’s exports have been rising phenomenally despite the tough market conditions caused by the COVID health emergency, said a statement issued here on Tuesday.  Italy has become ‘billion dollar’ export market for Pakistan for the first time ever. In the first 11 months of this year, our exports to Italy increased 46 percent which is highest growth rate among all of our export destinations in Europe. In this period, Pakistan’s trade surplus with Italy has increased 84 percent. Just three years ago, Pakistan actually had a trade deficit of $148 million with Italy.

In the last three years, despite the pandemic driven market disruptions, Pakistani trade with Italy not only recovered from the deficit but has turned around to post a trade surplus of half a billion dollar. This remarkable achievement owes much to the resilience and dynamism of Pakistani entrepreneurs in the export sector, ably supported by Pakistan embassy in Italy. Ambassador to Italy, Jauhar Saleem, has been regularly briefing media about the Embassy’s initiatives for trade, investment and remittances enhancement, including engagement with the host government, industry associations, business leaders, chambers of commerce and SMEs.

Pakistan’s exports to Italy have crossed $1,002 million during the first 11 months of this financial year with the value added sectors becoming the main driver of growth that has produced a trade surplus of around half a billion dollar. That too at a crunch time for the country reeling from record trade deficits. From an increasingly diversified export basket, home textiles, leather, rice, plastic products, surgical instruments, general fitness equipment and auto-parts have been the top performing product lines. In the wake of the pandemic led health consciousness, Pakistan’s exports of articles of general fitness have also increased by over 100 percent, while export of plastic products has increased 356 percent, making Italy Pakistan’s 4th largest export destination for plastic products. Pakistan also further improved its position as the market leader in rice sector with its exports increasing by another 31 percent. The embassy has been especially engaging with sourcing firms and investors so as to leverage the pandemic hit conditions to Pakistan’s advantage in terms of enhanced focus of Italian importers on Pakistan, which has helped promote greater B2B interaction as well as exchange of delegations. Recently, a 10- member buying mission from Italian leather sector visited Pakistan, and another delegation will be visiting TEXPO Pakistan in August 2022. On the other side. a 22-member delegation of PFMA is visiting Italy from 11-15 June 2022 and a 35 member delegation from leather sector will be visiting Italy in September 2022.

 

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More