Islamabad, Pakistan (BBN)- Pakistan’s exports to the European Union grew by 20 per cent to 5.067 billion euros (Rs585bn, $5.76bn) in the first eleven months of 2014 from €4.22bn a year ago, according to the EU official data.
The growth, which came mainly on the back of preferential market access under the GSP+ scheme, was largely shared by three EU countries — the United Kingdom, Spain and Germany.
By contrast, exports to Luxembourg dropped by 13 per cent, Estonia 13 per cent, Ireland 5.0 per cent, and Croatia 40 per cent.
Trade with the 28-nation bloc was in surplus of €1.352bn during Jan-Nov 2014
The preferential market access to the European markets under GSP+ went effective from Jan 1 and will remain available for the next 10 years.
The commerce ministry set a target of more than €1bn increase in exports to EU during 2014. The 20pc rise during July-Nov, however, amounted to €843 million, reports Dawn.
Country-wise data shows that a growth of 25pc (€225.527m) came from the UK whose imports from Pakistan rose to €1.128bn during Jan-Nov 2014 from €902.524m a year earlier.
Exports to Spain swelled by 41 per cent, or €163.482m, to €559.028m from €395.546m. This was the highest increase in Pakistan’s exports to Spain during the entire history of trade between the two countries.
A trade analyst said that despite Spain’s persistent vicious circle of high unemployment, low wages, fall in purchasing power, decline in domestic demand and shrinkage in non-essential imports (including textile and clothing), the increase in exports was the highest among all the 19 eurozone countries, including Germany, France and Italy, which have stable, growing and larger economies than Spain’s.
Exports to Germany increased by 17 per cent (€145.811m) in Jan-Nov to €1.015bn compared to €869.404m a year earlier.
Pakistan’s exports to Italy edged up by 15 per cent (€68.346 m) to €515.058 m from €446.712m last year. Exports to France went up by 15 per cent (€50.550 m) to reach €397.026m from €346.475 m.
Exports to the Netherlands rose by 10 per cent to €412.865m from €374.458m; to Belgium by 12 per cent to €334.937m from €299.408m; and to Sweden by 15 per cent to €102.618 m from €89.024m compared to the same period of 2013.
Export proceeds to the remaining 20 EU countries were far less than €100m in terms of value. However, growth to some countries was in double digits in terms of percentage.
Pakistan’s exports to Austria increased by 96 per cent, Poland 42 per cent, Czech Republic 23 per cent, Greece 19 per cent, Slovenia 62 per cent, Finland 22 per cent, Bulgaria 43 per cent, Hungary 37 per cent, Denmark 4.0 per cent, Portugal 2.0 per cent, Lithuania 10 per cent, Slovakia 6.0 per cent, Romania 5.0 per cent, Cyprus 33 per cent, Latvia 14 per cent, and Malta 2.0 per cent.
On the other hand, imports from the EU during Jan-Nov 2014 increased by 8.0 per cent to €3.715bn as against €3.444bn a year ago. The increase was mainly driven by more imports from the UK, followed by France and the Netherlands.
The overall trade with the EU was in surplus of €1.352bn during the period under review.
BBN/SSR/AD-21Feb15-10:40 am (BST)