Exports to Europe fall 8pc despite GSP+ status

ISLAMABAD: Pakis­tan’s exports to European countries dipped year-on-year by 7.54 per cent in the first seven months of the current fiscal year, mainly due to reduced demand for Pakistani goods in western, southern and northern Europe. The export proceeds from these countries fell to $4.866 billion in July-January FY24, a drop from the $5.263bn recorded in the corresponding months of the previous year, according to figures compiled by the State Bank of Pakistan. This decline in export proceeds indicated the challenges faced by Pakistani exporters in these economically uncertain times despite having preferential access to 27-member EU countries. In FY23, exports to the 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.