Pakistan’s exports to Spain surged to $934.03 million in 2016-17, Commercial Counsellor to Spain
Since European Union awarded GSP Plus status to Pakistan, it has boosted the country’s export rate to European countries.
Generalised System of Preferences (GSP) status allows Pakistan’s 20 percent exports to enter the EU market at zero tariff and 70 per cent at preferential rates.
EU market, especially Spain has emerged as the third biggest destination for Pakistan’s exports proceeds during the financial year 2016-17.
Pakistan’s Commercial Counsellor to Spain Dr Muhammad Hamid Ali said that bilateral trade between Pakistan and Spain is on an upward trajectory.
Muhammad Hamid said, Pakistan’s exports to Spain surged to $934.03 million in 2016-17, up 5.43 per cent from $886.72m from the same period last year.
“This is the highest ever increase in Pakistan’s exports to Spain. Prior to the GSP+ facility, the country’s exports to Spain were $564.402m,” the statement said.
Dr Ali said, we are hoping to reach the $1 billion export mark very soon. The balance of trade is heavily tilted in favor of Pakistan in an overall value of $656.71m for 2016-17”.
Growth in exports to Spain despite the odds
The Commercial Counselor pointed out that Pakistan’s export to Spain remained large despite the high unemployment rate in Spain, combined with a number of factors including:
- minimal wages
- a fall in purchasing power
- decline in domestic demand
- shrinkage in non-essential imports that include textile and clothing
Grupo Cortefiel, one of Europe’s primary fashion companies, is launching two branches of Women’s Secret in Lahore and Karachi this month, the statement said.
Furthermore, the Embassy of Pakistan, Madrid, Spain is working along with Ministry of Commerce, Trade Development Authority of Pakistan and other stakeholders to improve Pakistan’s exports to Spain, the statement added.