ISLAMABAD: Pakistan’s exports to Italy and remittances inflow from Italy to Pakistan have crossed $2 billion, recording highest ever annual growth where both the sectors observed highest growth as compared to any other potential market.
Posting multiple records of growth, Pakistan’s earnings from Italy in exports and remittances crossed $ 2 Billion in Financial Year 2021-2022.
A substantial growth in Foreign Direct Investment (FDI) from Italy was also witnessed during the record breaking year, said a press statement issued here.
Italy became the seven billion dollar export country for Pakistan in the world during the year with a record growth of export volume to $ 1146 million, while the remittances from Italy were also on the path to touch billion dollars soon with a total of $ 857 million during the year.
June 2022 also set the record for highest export volume ever to Italy in a single month crossing $ 144 million.
Italy posted the highest growth both in workers remittances among all countries with high numbers of Pakistan diaspora and for exports among the top ten export destinations of Pakistan.
This phenomenal growth in exports and remittances has come at a time when European economies in general and Italian economy in particular is slowing down and facing multiple challenges due to Ukraine war.
The exports to Italy of $1.15 billion in FY 2021-22 are 46% higher than the previous year, while the remittances are 41 % higher for the same period than the last year.
While talking to media, Pakistan’s Ambassador to Italy, Jauhar Saleem paid glowing tributes to the Pakistani exporters for their initiative and hard work and to the Pakistani diaspora in Italy for standing by the country in a most challenging economic environment.
He also shared that Pakistan had posted a record trade surplus of $ 573 million during the financial year 2021-22 which is 91% higher than the previous year.
