Pakistan’s exports to Italy have crossed $1002 million during the first 11 months of current financial year with value-added sectors becoming the main driver for the export market that hit $1 billion for first time.
In the period concerned, the country’s trade surplus with Italy has increased 84 percent to reach near $500 million. Three years ago, Pakistan had a trade deficit of $148million with Italy.
At a time when Pakistan’s economy is struggling with ever widening trade deficit, some of its export markets are displaying exceptional growth. Italy is among countries where Pakistan’s exports have been rising phenomenally despite tough market conditions caused by the Covid-19 health emergency, the statement added.
Ambassador to Italy, Jauhar Saleem, has briefed media about embassy’s initiatives for trade, investment and remittances enhancement, including engagement with the host government, industry associations, business leaders, chambers of commerce and SMEs.
“Italy has become a billion dollar export market for Pakistan for the first time ever.”
In the first 11 months of this financial year, exports to Italy increased 46 percent, which is highest growth rate among all of our export destinations in Europe.
In the last three years, despite 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 US dollar.
Overall Pakistan-Italy commercial cooperation in three main sectors of economic engagement is now worth $2.5 billion, which is the second highest in the European Union after Germany.
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