Exports from Pakistan to EU leap 37% in three years

31 Jan '17

1 min read

Exports from Pakistan to the European Union (EU) have surged 37 per cent in the past three years, driven by the generalised scheme of preferences (GSP) plus status offered to Pakistan in December 2013. The GSP plus status makes it possible for Pakistan to export 20 per cent of all exports at zero rate and preferential rates for 70 per cent of overall exports.

The biggest beneficiary of GSP Plus have been Pakistan textile and apparel exports, which make up for around 60 per cent of overall exports from the country to the EU.

“The GSP status offers huge potential for enhancing mutual trade between Pakistan and the EU,” Pakistan federal commerce minister Khurram Dastgir Khan said in a statement.

Khan also revealed that exports of machinery, chemicals and dyes from Europe to Pakistan also grew 14 per cent in the same period, which were mainly used in production of exports of textiles and garments to the European markets.”

The yearly trade between EU and Pakistan is around $7 billion, with the balance of trade being nearly equal. The main products exported from Pakistan to the EU mainly included textiles, apparels, and leather products. (AR)

Fibre2Fashion News Desk – India

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