Pakistan’s trade interactions with Italy during the fiscal year (2022-23) displayed a notable surplus, boasting a remarkable 97.11 percent growth when compared to the same period in the previous year.
This period’s trade surplus reached $624.518 million, a significant escalation from the $316.995 million recorded the previous year, showcasing an impressive expansion of 97.11 percent.
Specifically, exports to Italy during the span of July-June (2022-23) reached a total of US $1151.448 million. This figure exhibited a positive advancement of 5.88 percent from the previous year’s exports, which amounted to US $1087.434 million. This encouraging trend was substantiated by data from the State Bank of Pakistan (SBP).
While considering the year-to-year comparison, exports to Italy witnessed a decline of 18.57 percent in June 2023, dropping from $121.101 million in June 2022 to $98.601 million in June 2023.
Furthermore, in a month-on-month context, exports to Italy experienced a dip of 2.76 percent in June 2023, as opposed to the exports of $101.400 million registered in May 2023.
Notably, Pakistan’s overall exports to various nations exhibited a reduction of 14.09 percent within the fiscal year under scrutiny, descending from US $32.492 billion to US $27.911 billion.
Conversely, concerning imports from Italy into Pakistan during the period being assessed, they were valued at US $526.930 million, indicating a notable drop of 31.60 percent in July-June (2022-23) in comparison to the previous year’s imports totaling US $770.439 million.
When evaluating the year-on-year perspective, imports from Italy into Pakistan experienced a significant decrease of 44.56 percent in June 2023, with figures plunging from US $57.944 million in June 2022 to US $32.121 million in June 2023.
Delving into the month-on-month scope, imports from Italy into Pakistan displayed a substantial decline of 58.375 percent in June 2023, as contrasted with imports valued at US $77.877 million in May 2023.
Furthermore, the comprehensive data revealed that the overall imports into Pakistan encountered a notable contraction of 27.32 percent, declining from $71.542 billion to US $51.993 billion.
