Exports to Europe fall despite GSP+
Pakistan’s exports to European nations witnessed a 12.13 per cent decline in the first quarter of the current fiscal year compared to the same period last year, primarily due to a reduced demand for Pakistani goods in western and northern Europe. The export revenue from these countries fell to $1.929 billion in July-September FY24, a noticeable drop from the $2.212bn recorded in the corresponding months of the previous year, according to figures compiled by the State Bank of Pakistan. This development underscores the challenges faced by Pakistani exporters in these economically uncertain times despite having preferential access to 27-member EU countries. In FY23, the export of EU dropped 4.41pc to $8.188bn from $8.566bn in the preceding fiscal year. However, the decline in exports was seen despite the Generalised System of Preferences Plus (GSP+) scheme. The scheme became effective on Jan 1, 2014, and it will remain available to Pakistan for the current fiscal year.