Italy's trade surplus with Pakistan surges significantly

Islamabad: Italy's trade surplus with Pakistan has recorded a significant increase on annual basis in the first two months of the current financial year.

According to the data released by State Bank of Pakistan (SBP) in this regard, Pakistan's exports to Italy in July and August have recorded a significant decrease of 0.88 percent on an annual basis. While imports from Italy have recorded a significant decrease of 92 percent on an annual basis.

The released data stated that in the first two months of the current fiscal year, the country received 195.53 million dollars in foreign exchange from exports to Italy, which is 0.88 percent less than the same period of the previous fiscal year.

In the same period of last financial year, Pakistan earned 197.27 million dollars from exports to Italy. In August, the volume of Pakistani exports to Italy was recorded at 96.04 million dollars, which was 99.49 million dollars in July and 91.97 million dollars in August last year.

In the year 2023, the country received foreign exchange of 1.151 billion dollars from exports to Italy.

According to the State Bank, exports from Italy in the first two months of the current financial year fell by 92% on an annual basis. The volume of imports from Italy in July and August was recorded at 60.69 million dollars, which was 116.51 million dollars in the same period of the previous financial year.

According to the report, the foreign exchange on imports from Italy in August was only 26.79 million dollars, which was 33.90 million dollars in July and 44.10 million dollars in August last year.