Pakistan records trade surplus with Italy: SBP

Exports to Italy clocked in at $751m while imports stood at $522m in FY20  

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ISLAMABAD: Pakistan’s goods and services trade with Italy witnessed a surplus of 3.13pc during the fiscal year 2019-20, as compared to the previous fiscal year.

The country’s trade surplus with Italy was recorded at $228.848 million during the period under review, as against $221.898 million last year, according to data issued by the State Bank of Pakistan.

As per details, Pakistan’s exports to Italy were recorded at $750.917 million in FY20 as against the export of $805.399 million in FY19, showing a fall of 6.76pc.

On a year-on-year basis, exports to Italy decreased by 14.07pc in June 2020, from $70.468 million in June 2019 to $60.552 million.

However, on a month-on-month basis, exports to Italy witnessed a growth of 24.20pc in June 2020, as compared to the exports of $48.752 million in May 2020.

Pakistan’s overall exports [to all countries] declined by 7.22pc in FY20, from $24.256 billion last year to $22.504 billion.

Meanwhile, on the import side, Pakistan imported from Italy goods worth $522.069 million in FY20 as against $583.501 million last year, depicting a decrease of 10.52pc.

On a year-on-year basis, imports from Italy increased by 22.13pc, from $37.291 million in June 2019, as against $45.544 million in June 2020.

Similarly, on a month-on-month basis, imports from Italy witnessed a surge of 123.29pc in June 2020, as compared to the exports of $20.396 million in May 2020.

Pakistan’s overall imports [from all countries] decreased by 18.22pc in FY20, from $51.869 billion last year to $42.418 billion.

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