{"id":74759,"date":"2024-03-24T05:52:29","date_gmt":"2024-03-24T05:52:29","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/exports-to-eu-states-fall-despite-gsp-status\/"},"modified":"2024-03-24T05:52:29","modified_gmt":"2024-03-24T05:52:29","slug":"exports-to-eu-states-fall-despite-gsp-status","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/exports-to-eu-states-fall-despite-gsp-status\/","title":{"rendered":"Exports to EU states fall despite GSP+ status"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p>ISLAMABAD: Pakistan\u2019s exports to European countries have begun to dip in the current fiscal year despite a <a href=\"https:\/\/www.dawn.com\/news\/1779621\">GSP+ status<\/a> that allows duty-free entrance into European markets for the majority of its products.<\/p>\n<p>In absolute terms, Pakistan\u2019s exports to European countries dipped year-on-year by 6.89 per cent in the first eight months of the current fiscal year to $5.411 billion from $5.812bn in the corresponding period last year.<\/p>\n<p>The decline was mainly due to reduced demand for Pakistani goods in western, southern and northern Europe, according to figures compiled by the State Bank of Pakistan.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1770239\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>In FY23, exports to the EU dropped 4.41pc to $8.188bn from $8.566bn in the preceding fiscal year.<\/p>\n<p>In October 2023, the European Parliament unanimously voted to extend the GSP+ status for another four years until 2027 for developing countries, including Pakistan, to enjoy duty-free or minimum duty on exports to the European market.<\/p>\n<p>Western Europe, which includes countries such as Germany, the Netherlands, France, Italy and Belgium, accounts for the largest portion of Pakistan\u2019s exports to the EU.<\/p>\n<p>However, there has been a significant decrease of 13.2pc in exports to this region. The export value stood at $2.609bn in the first eight months of FY24, down from $3.006bn during the same period last year.<\/p>\n<p>While exports to western, southern and northern Europe have seen a decline, there is a silver lining in the form of an uptick in exports to Eastern Europe. The exports saw an increase of 8.2pc to $407.6m in 8MFY24 against $376.68m over the corresponding months of last year.<\/p>\n<p>Exports to southern Europe saw a paltry decline of 1.1pc to $1.971bn in 8MFY24 from $1.993bn over the corresponding period of last year.<\/p>\n<p>In this region, exports to Spain grew 4.66pc to $966.95m in 8MFY24 from $923.85m over the last year. Exports to Italy declined 3.36pc to $733.79m in 8MFY24 against $759.36m in the same period last year.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1804622\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>However, exports to northern Europe have not done well, recording a 3.04pc dip. The export value to this region stood at $423.732m, down from $437.03m in the corresponding period last year.<\/p>\n<p><strong>UK market<\/strong><\/p>\n<p>Before Brexit, Pakistan\u2019s major export destination was the United Kingdom. In the post-Brexit period, Pakistan\u2019s exports to the UK slightly went up to $1.351bn in 8MFY24 from $1.329bn over the corresponding period of last year, indicating an increase of 1.65pc. In FY23, Pakistan\u2019s exports dipped by 10.63pc to $1.966bn to the UK from $2.20bn in the same period of the preceding year.<\/p>\n<p>The British government, however, has assured Islamabad of no change in the post-Brexit scenario which is evident from the inclusion of Pakistan in its preferential market access scheme.<\/p>\n<p>Pakistan\u2019s exports to Western Europe also went down by 13.2pc to $2.609bn in 8MFY24 from $3.006bn last year.<\/p>\n<p>Exports to Germany fell 13.77pc to $983.79m in 8MFY24 from $1.14bn. Similarly, exports to the Netherlands, the second biggest market for Pakistani goods, also dipped 7.69pc to $907.79m in 8MFY24.<\/p>\n<p>Pakistan exports to France down 14.43pc to $336.79m in 8MFY24 from $393.59m in last year, while exports to Belgium fell 22.54pc to $363.91m against $469.83m over the same period last year.<\/p>\n<p><em>Published in Dawn, March 24th, 2024<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Pakistan\u2019s exports to European countries have begun to dip in the current fiscal year despite a GSP+ status that allows duty-free entrance into European markets for the majority of its products. In absolute terms, Pakistan\u2019s exports to European countries dipped year-on-year by 6.89 per cent in the first eight months of the current fiscal [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":74760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/03\/24102343abd544d.jpg?r=102407","fifu_image_alt":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-74759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/74759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=74759"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/74759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/74760"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=74759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=74759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=74759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}