Surplus in trade with Italy surges 97%

Pakistan exported goods, services worth $1.15b to Italy in FY23

ISLAMABAD:

Pakistan’s goods and services trade with Italy recorded a surplus of 97.11% during fiscal year 2022-23 as compared to the previous year.

Trade surplus came in at $624.518 million in FY23 against $316.995 million a year ago, showing a growth of 97.11%.

Overall exports to Italy stood at $1,151.448 million during July-June FY23 against exports of $1,087.434 million during July-June FY22, posting a rise of 5.88%, the State Bank of Pakistan (SBP)’s data revealed.

On a year-on-year basis, exports to Italy decreased 18.57% to $98.601 million in June 2023 against $121.101 million in June 2022.

On a month-on-month basis too, export shipments to Italy dipped 2.76% in June 2023 as compared to exports valuing at $101.400 million in May 2023.

Overall Pakistan’s exports to different countries declined 14.09% during the year under review, standing at $27.911 billion against $32.492 billion in FY22.

On the other hand, imports from Italy were $526.930 million in FY23 compared to $770.439 million in the previous year, displaying a fall of 31.60%.

On a year-on-year basis, imports from Italy dived 44.56% and reached $32.121 million in June 2023 from $57.944 million in June 2022.

Published in The Express Tribune, August 19^th, 2023.

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