Ambassador Andreas Ferrarese welcomes rapid increase in Pakistani exports to Italy

Covert

Islamabad: Italy’s Ambassador to Pakistan Andreas Ferrarese this week welcomed the rapid increase in Pakistani exports to Italy.

Speaking to Covert, the envoy said that Italy was facilitating Pakistani exports as Rome wanted to enhance trade ties with Islamabad.

“This is a good development. The trade ties are getting a boost. I wish to take them to new heights,” he added.

– Pakistani export to Italy witnessed an increase of 40.14 percent during the twelve months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to Italy were recorded at $1085.675 million during July-June (2021-22) against exports of $774.658 million during July-June (2020-21), showing growth of 40.14 percent, according to State Bank of Pakistan (SBP). Meanwhile, on year-on-year basis, the exports to Italy also increased by 61.85 percent by going up from $74.887 million during June 2021 against the exports of $121.206 million in June 2022, the SBP data revealed. On month-on-month basis, the export to Italy also witnessed surge of 11.77 percent in June 2022 as compared to the exports of $108.433 million in May 2022. Overall Pakistan’s exports to all countries also witnessed an increase of 26.56 percent in twelve months, from $25638.974 million to $32450.087 million, the SBP data said.

On the other hand, the imports from Italy during the period were recorded at $770.439 million against $568.022 million last year, showing growth of 35.63 percent during the fiscal year under review. Meanwhile, on year-on-year basis, the imports from Italy however decreased by 28.39 percent, by going down from $73.938 million during June 2021 against the exports of $52.944 million in June 2022, the data revealed. On month-on-month basis, the imports from Italy witnessed an increase of 16.28 percent in June 2022 as compared to the exports of $45.530 million in May 2022. The overall imports increased by 32.75 percent, from $54272.920 million to $72.048 million during the period under review. The trade surplus during the period under review was recorded at $315.236 million against $206.636 million during same period of last year, showing 52.55 percent growth.

Ambassador Andreas Ferrarese said his mission was to cement the existing Italy-Pakistan ties. He mentioned that the two friendly countries have a lot of trade potential.