Italy becomes ‘billion dollar’ export market for Pakistan

According to a statement, Pakistan’s exports to Italy have surpassed $1002 million in the first 11 months of the current fiscal year, with value added sectors becoming the key driver for the export market, which has now beyond $1 billion for the first time.

During the time period under consideration, the country’s trade surplus with Italy expanded by 84 percent to near $500 million. Pakistan had a $148 million trade deficit with Italy three years ago.

Some of Pakistan’s export markets are exhibiting exceptional development at a time when the country’s economy is grappling with an ever-widening trade deficit. Despite the difficult market conditions induced by the Covid-19 health catastrophe, Pakistan’s exports to Italy have increased dramatically, according to the statement.

The embassy’s activities for trade, investment, and remittances enhancement, including interaction with the host government, industry groups, business leaders, chambers of commerce, and SMEs, have been briefed to the media by Ambassador Jauhar Saleem.

“For the first time in Pakistan’s history, Italy has become a billion-dollar export market.”

Exports to Italy climbed 46 percent in the first 11 months of this fiscal year, the highest growth rate of any of our European export markets.

Despite market disruptions caused by pandemics, Pakistani commerce with Italy has not only recovered from a deficit, but has also swung around to a trade surplus of half a billion dollars in the previous three years.