Exports to Western Europe rise to $2.56bn

ISLAMABAD: The country's exports to Western European countries have increased by 1.32% to $2.56 billion in first three quarters (July-March) of the year 2018-19 against the exports of $2.52 billion during same period of the preceding year.

On year-on-year basis, the exports however witnessed a decline of 4.96% as the exports fell to $280.544 million in March 2019 against the exports worth $295.198 million in same month, a year ago, according to a latest data released by State Bank of Pakistan (SBP).

According to detail, the country's exports to Belgium declined from $484.9 million in July-March 2017-18 to $451.43 million in same period of current fiscal year, showing a decline of 7.4%.

Similarly, exports to Germany also witnessed a declining trend as it fell to $969.371 million in first three quarters of current fiscal year from $1.02 billion in same period of last year.

Exports to Switzerland also decreased by 22.29% to $75.88 million in July-March 2018-19 from $97.648 million.

The country's exports to the Netherlands witnessed an increase of 24.6% as it rose to $707.004 million in the period under review against the exports of $567.38 million in same period of last year.

While the exports to France also witnessed a slight increase of 0.97% as it rose to $341.9 million from $338.615 million in first nine months of the year 2017-18.

Meanwhile exports to Eastern European countries during the period under review also increased by 3.85% to $417.058 million as compared to the exports of $401.571 million.

Exports of the country to Northern Europe also increased to $1.741 billion in July-March (2018-19) from $1.734 billion in same period of last year.

United Kingdom (U.K.) remained the major importers of Pakistani goods during the period as it imported $1.318 billion during first three quarters of the current fiscal year compared to $1.325 billion in same period of the previous year.

The exports to Southern Europe however declined to $1.541 billion from $1.546 billion in the corresponding period of the year 2017-18, the data added.