Pakistan’s remittances and exports earning from Italy cross $2bn in FY22

Pakistan’s earnings in exports and remittances from Italy crossed $2 billion in Financial Year 2021-2022 along with substantial growth in FDI.

Recent data of the highest growth both in workers and remittances among all countries, issued by Italy showed Pakistani diaspora with very high numbers and for exports, Pakistan stood among the top ten export destinations.

The exports of $1.15 billion to Italy in FY22 are 46 percent higher than the previous year, while the remittances are 41 percent higher for the same period than the last year June 2022 also set the record for the highest export volume ever to Italy in a single month crossing $144 million.

This phenomenal progress in terms of exports and remittances has come at a time when European economies in general and the Italian economy, in particular, are showing a regression and facing multiple challenges due to the Ukraine war.

Pakistan`s Ambassador to Italy, Jauhar Saleem, while talking to the media, praised Pakistani exporters for their initiative and hard work and the Pakistani community in Italy for standing by the country in a most crucial economic environment.
Saleem further shared that Pakistan had achieved a record trade surplus of $573 million during the financial year 2021-22 which is 91% higher than the previous year.

The Ambassador informed that with the restoration of market activities after the removal of pandemic-related restrictions in Italy, the Pakistan Embassy in Italy was further expediting its activities to connect Pakistani businesses with Italian firms to sustain the exports and FDI growth.

During the just concluded financial year, Pakistan received Italian investment in the following sectors

  • Food processing
  • Chemicals
  • Construction
  • Leather
  • Footwear
  • Energy-related equipment  
  • IT

Value added sectors

As per the envoy, the value-added sectors that proved to be the main drivers of the exceptional export growth include the increase in the following:

  • plastic products increasing by 208%
  • sports goods with 80%
  • leather with 42%
  • home textiles with 36%  
  • garments with 35%
  • footwear increased by 19% in the year with Italy becoming the 3rd  largest export destination for Pakistani footwear

Italy is also the 5th largest destination for Pakistani home textiles and ranks No.6 in garments exports.

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