Italy becomes ‘billion dollar’ export market
Exports of goods stood at $2.54 billion in January 2022, higher by nearly 19% ($401 million) over the same month of previous year. photo: file
At a time when Pakistan’s economy is struggling with the ever-widening trade deficit, some of its export markets are displaying an 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 on Tuesday.
Italy has become a “billion dollar” export market for Pakistan for the first time ever.
In the first 11 months of the current fiscal year, Pakistan’s exports to Italy increased 46%, which was the highest growth among all of its export destinations in Europe.
In this period, Pakistan’s trade surplus with Italy 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, Pakistan’s trade with Italy not only recovered from the deficit but it also turned around and posted 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.
Italy Ambassador Jauhar Saleem has been regularly briefing the 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.
Published in The Express Tribune, June 15th, 2022.
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