ISLAMABAD: Italy’s trade surplus with Pakistan has seen a notable uptick in the first two months of the current financial year, as per data released by the State Bank of Pakistan (SBP). While Pakistan’s exports to Italy experienced a 0.88 percent decrease on an annual basis in July and August, imports from Italy witnessed a substantial 92 percent decline during the same period.
The data reveals that Pakistan garnered $195.53 million in foreign exchange from exports to Italy in the initial two months of the current fiscal year, marking a slight 0.88 percent drop compared to the corresponding period in the previous fiscal year when the earnings stood at $197.27 million. Notably, August saw Pakistani exports to Italy amounting to $96.04 million, whereas July and August of the preceding year reported figures of $99.49 million and $91.97 million, respectively.
In the year 2023, Pakistan accrued a foreign exchange of $1.151 billion from its exports to Italy.
According to the State Bank, Italy’s exports to Pakistan during the first two months of the current financial year plummeted by 92% on an annual basis. Import volumes from Italy in July and August totaled $60.69 million, reflecting a significant drop from the $116.51 million recorded in the same period of the previous financial year.
The report indicates that the foreign exchange spent on imports from Italy in August was a mere $26.79 million, compared to $33.90 million in July and $44.10 million in August of the preceding year.