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% 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%. 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 $ 1002 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%, while export of plastic products has increased 356 %, 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%