Pak-Italy trade witnesses over 97% surplus during FY 2023

ISLAMABAD (APP) : Pakistan’s goods and services trade with Italy witnessed a surplus of 97.11 percent during the fiscal year (2022-23) as compared to the corresponding period of last year.

Trade surplus during the period under review was recorded at $624.518 million against $316.995 million last year, showing 97.11 percent growth.

The overall exports to Italy were recorded at US $1151.448 million during July-June (2022-23) against exports of US $1087.434 million during July-June (2021-22), showing growth of 5.88 percent, SBP data revealed.

On a year-to-year basis, the exports to Italy witnessed a decrease of 18.57 percent from $121.101 million in June 2022, against the exports of $98.601 million in June 2023.

Meanwhile, on a month-on-month basis, the exports to Italy also dipped by 2.76 percent during June 2023 as compared to the exports of $101.400 million in May 2023.

Overall Pakistan’s exports to other countries witnessed a decline of 14.09 percent during the fiscal year under review, from US $ 32.492 billion to US $ 27.911 billion.

On the other hand, the imports from Italy into the country during the period under review was recorded at US $ 526.930 million against US $770.439 million last year, showing a decline of 31.60 percent in July-June (2022-23).

On a year-on-year basis, the import for Italy witnessed also decreased by 44.56 percent from US $57.944 million in June 2022, against the imports of US $32.121 million in June 2023.

On a month-on-month basis, the imports from Italy into the country declined by 58.375 percent during June 2023, as compared to the imports of US $77.877 million during May 2023.

The overall imports into the country witnessed a decrease of 27.32 percent, from $71.542 billion to US $51.993 billion, the data revealed.