Pakistan’s exports to the United Kingdom posted a 33 per cent growth when it reached $2.025 billion in the fiscal year 2021 (FY21) against $1.522bn over FY20, mainly led by textile products.
It is pertinent to mention here that the UK has emerged Pakistan’s third largest export destination, second largest source of foreign direct investment (FDI) and third largest source of remittances after Saudi Arabia and United Arab Emirates (UAE).
As a result, total bilateral trade between the two countries has reached over $2.648bn during FY21 against $2.122bn in the previous year, reflecting an increase of 25pc.
The top export products to the UK in FY21 was home textile, which grew 42pc to $648 million from $456m in the previous year, followed by an increase of 57pc in apparel and clothing knitted or crocheted to $625m from $397m over the previous year, and increase of 5pc in apparel and clothing not knitted or crocheted to $304m against $2.88m in previous year.
Contrary to this, Pakistan’s imports from the UK increased by 4pc to $623m in FY21 against $600m in FY20.
During 2020-21, remittances from the UK to Pakistan increased by 58 from $2.569bn in FY20 to $4.067bn. The remittances from the UK to Pakistan during this financial year have seen a robust increase, which is a good sign for the economy.
