Pakistan attains trade surplus of $210 million with Italy amid COVID-19

Pakistan has achieved a trade surplus of $210 million with Italy during the year 2019-20 as the bilateral trade kept on increasing despite COVID-19 and lockdowns.

According to a report in Fiscal Year (FY) 2019-20, Pakistan`s exports to Italy stood at $731 million and imports at $521 million. The major exports to Italy include textile, leather, rice, and ethanol.

Pakistan has become the market leader in rice and it holds a 38% share in the Italian rice market and “We exported rice worth $62 million during the period under review”.

The report said that Thailand holds a 12% share with a $19 million export and adding that India at number three holds 10% with 17 million in the Italian market.  Pakistan embassy in Italy has also shared the strategy to promote Pakistani products in the Italian market.

According to the report, Italian investment in Pakistan in June 2020 increased 45% against the corresponding period. In value terms, the rice export remained $51.9 million last year and it has been increased to $56.4 million in FY 2019-20.

The Italian FDI came mainly in the energy, Pharmaceutical, chemicals, and Information technology sector to enhance the business to business relation between both the countries, major investment came in the energy sector from Italian companies.