Pakistani Exports to Western Europe have increased by $2.56 billion during this fiscal year 2018-19 as compared to the previous year $2.52 billion. During the third quarter of this year from July to March, there is an increase in exports in comparison to the preceding year of the same period.
However, according to the latest updated data released from the State Bank of Pakistan, year-on-year basis, exports decline from the previous March 2018 record of $295.198 million to $280.544 million in March 2019. The fall reported is 4.96pc.
Pakistani exports to Belgium fall by 7.4pc with a decrease from $484.9 million in the March to July (2017-18) to the value of $451.43 million in the current period of fiscal year.
Similarly, there was a decline reported in exports to Germany too. The declining trend recorded is $1.02 billion from last year to $969.371 million during the first three quarters of the current fiscal year.
There is also a decrease in the exports to Switzerland by 22.29pc. It fell from $97.648 million last year to $75.88 million in the month of July to March 2018-19.
Interestingly, Netherlands shows an increase with a greater proportion of 24.6pc. The rise in the exports reported are $707.004 million during the current year from $567.38 million a year ago.
On the other hand, the exports to Eastern European shows a rise of 3.85pc. The exports to this region increases from $401.571 million to $417.058 million this year.
Meanwhile, United Kingdom (UK) proved to be the main importer of Pakistan. During the first three quarters of the current fiscal year, UK imported around $1.318 billion Pakistani goods in comparison to $1.325 billion last year.
However, Southern Europe reported a decline in the exports from $1.546 billion during 2017-18 to $1.541 billion this year.