Ambassador Andreas Ferrarese delighted at bolstering trade ties between Italy, Pakistan
Staff Writer
Islamabad: Ambassador of Italy to Pakistan Andreas Ferrarese this week welcomed the bolstering trade ties between Italy and Pakistan.
The envoy, who has been active to enhance Pakistan-Italy business relations, said that the trend was encouraging and the two countries will work together to reach the potential trade mark.
Pakistan’s goods and services trade with Italy witnessed a surplus of 104.10 percent during the first four months of the current fiscal year (2022-23) as compared to the corresponding period of last year.
Trade surplus during the months under review was recorded at $198.550 million against $97.276 million last year, showing 10.65 percent growth. The overall exports to Italy were recorded at US $401.020 million during July-October this year against exports of US $327.871 million during the same months last year, showing an increase of 22.31 percent, SBP data revealed.
Meanwhile, on a year-on-year basis, exports to Italy during October 2022 also increased by 23.63 percent from US $ 75.095 million to US $ 92.842 million.
Similarly, month-on-month exports to Italy dipped by 16.38 percent during October 2022 as compared with exports of US $ 111.038 million in September 2022, the SBP data said. Overall Pakistan’s exports to all countries witnessed an increase of 2.60 percent in four months, from US $9576.107 million to US $9825.020 million, the SBP data said. On the other hand, imports from Italy during the months under review were recorded at US $202.470 million against US $230.595 million of last year, showing a decrease of 12.19 percent in July-October (2022-23).
Year-on-year imports from Italy during October 2022 also decreased by 33.70 percent from US $48.803 million last year to US $32.353 million. On a month-on-month basis, the imports from Italy decreased by 39.66 percent during October 2022 as compared to the import of US $53.621 million in September 2022, SBP data said. The overall imports decreased by 11.66 percent, from US $23324.945 million to US $20617.080 million during the period under review.
Ambassador Ferrarese said the two sides were cooperating more than ever and the improving business ties will be beneficial for both the friendly countries.
“Italy takes Pakistan as a friend and Italy is committed to enhance cooperation at all levels especially in the business sector. I am delighted at the results and we are determined to improve the reading further,” he added.
