Italy-Pakistan Italy trade witnesses over 158pc surplus as Ambassador Andreas Ferrarese eyes more

Staff Writer

Islamabad: With a friendly Ambassador of Italy Andreas Ferrarese at the helm in Islamabad, Pakistan’s goods and services trade with Italy witnessed a surplus of 158.11 percent during the first five months of the current fiscal year (2022-23) as compared to the corresponding period of last year.

While the credit for fast improving trade ties between Pakistan and Italy also goes to the concerned ministries in both countries and the Pakistani embassy in Rome, Ambassador Andreas Ferrarese needs a special appreciation as he has been making efforts to boost trade connections.

During his ongoing tenure, the Ambassador has met scores of Pakistani businesspersons urging them to enhance business with Italy.

A true friend of Pakistan, Ambassador Andreas Ferrarese is eyeing a massive increase in the business ties between the two friendly countries in the coming years.

Trade surplus during the months under review was recorded at $256.423 million against $99.345 million last year, showing 158.11 percent growth. The overall exports to Italy were recorded at $491.636 million during July-November (2022-23) against exports of $406.750 million during July- November (2021-22), showing growth of 20.86 percent, SBP data revealed. On year-to-year basis, the exports to Italy also increased 14.87 percent from $78.879 million in November 2022, against the exports of $90.616 million in November 2021.

Meanwhile, on month-on-month basis, the exports to Italy however dipped by 02 percent during November 2022 as compared to the exports of $92.482 million in October 2022, the SBP data revealed. Overall Pakistan’s exports to other countries witnessed a decrease of 2.01 percent in first five months, from $12.313 billion to $12.065 billion, the SBP data revealed. On the other hand, the imports from Italy into the country during the period under review were recorded at $235.213 million against $307.405 million last year, showing decline of 23.48 percent in July- November (2022-23). On year-on year basis, the import for Italy witnessed also decreased by 57.24 percent from US $76.810 million in November 2021, against the imports of US $32.843 million in November 2022. On month-on-month basis, the imports from Italy into country however increased by 1.28 percent during November 2022, as compared to the imports of US $32.253 million during October 2022, according to the data.

The overall imports into the country witnessed decrease of 16.15 percent, from $29.663 billion to US $ 24.872 billion, according to the data.