KARACHI: Pakistan’s exports to the European Union (EU) increased by 14 per cent to $4.8 billion in the first five months of the current fiscal year, compared to $4.2 billion in the same period last year, official trade data showed.
In November alone, exports to EU countries increased by 16% to $894 million, compared to $769 million in the corresponding month of the previous fiscal year.
This growth in exports to the EU outpaced that of all other regions except Oceania, which imported just $33 million worth of goods from Pakistan in the month under review.
The United States remained the country’s top export destination, with merchandise imports worth $2.4 billion in the first five months of the 2024-25 fiscal year.
Country data for the EU shows significant growth. Exports to Germany jumped 20%, while the Netherlands saw a 14% increase in the July-November period. Exports to Spain and Italy both increased by 8%, while Belgium and France saw growth of 20% each. Exports to Poland and Denmark increased by 12% and 20% respectively during the same period.
During this period, Pakistan’s exports to the EU matched those to the entire Asian region, totaling $4.8 billion each.
Exports to the United States and the United Kingdom also increased substantially, increasing by 14% and 12%, respectively. On the other hand, exports to China fell by 14%. At the same time, exports to the United Arab Emirates (UAE) jumped by 35% and those to Afghanistan by 42%.
Bangladesh and Saudi Arabia also emerged as strong markets, with exports growing by 12% and 10%, respectively, in the first five months of the current financial year.
Regionally, exports to Asia increased by 8%, while those to the EU increased by 14%. Exports to the Americas (North and South) and Africa increased by 14% and 20% respectively, while Oceania recorded an increase of 14%.
Overall, Pakistan’s exports in the first five months of the fiscal year 2024-25 increased by 12.57 percent to $13.691 billion, compared to $12.162 billion in the same period of the previous fiscal year. . However, November exports fell 5.97% to $2.804 billion from $2.982 billion in October.