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Pakistan exports to EU increase by $1.1bn in fiscal year

USA remained the top export destination of Pakistani products. Source: FILE.

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood said that Pakistan exports to European Union (EU) countries increased by $ 1.1 billion during the last ten months of current Fiscal Year 2020-21.

The exports increased by 17.4 percent to $ 7.474 billion as compared to $6.367 billion in July to April 2020, the adviser said. He mentioned that some of the major markets showing an increase are Poland (23 percent), Sweden (21 percent), Netherlands (21 percent), Germany (19 percent), France (14 percent), Belgium (12 percent), Italy (4 percent) and Spain (2 percent).

He said EU is a very important market for us and we greatly appreciate the tireless efforts of our exporters for making this possible under very difficult conditions. “We also commend the efforts of Minister of Commerce, trade and investment Officers in EU major market destinations including Warsaw, Stockholm, The Hague, Paris, Rome and Madrid and urge them to provide even greater facilitation to our exporters and investors,” he said.

Last week, the commerce adviser had announced that exports to Australia reached at $229 million in last ten months of current Fiscal year 2020-21 as compared to $177 million in the same period last year.

“We are glad to share that during July-April 2021, “our exports to Australia increased by 29 percent to $ 229 million as compared to $177 million in Jul-April 2020” the adviser, adding that this is the highest ten months export to Australia ever.

He said the Large Scale Manufacturing Industries (LSMI) recovery is led by the textile, beverages, pharmaceuticals, chemicals and automobiles sectors. The process of de-industrialization has been reversed and it bodes well for our exports, he said.

Razak Dawood said that industrial growth is closely related to export growth as industrial output is a source for availability of exports. He noted that the overall output of LSMI increased by 9 percent for July-March 2021 as compared to July-March 2020.

He encouraged exporters to aggressively export to this relatively untapped market and also commended the efforts of Ministry of Commerce in facilitating exporters and investors.