Spain has become the third major destination for Pakistan’s exports, said Pakistan’s Commercial Counselor to the European country on Wednesday.
The European country has emerged as one of the largest importers of Pakistani goods during the financial year 2016-17.
Dr Muhammad Hamid Ali Pakistan’s Commercial Counselor to Spain further added that the country has received exports worth $934.03 million in the year 2016-17 from Pakistan. This amounts to an increase of 5.43 per cent when compared to the exports worth $886.72m during the same period in the previous 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 counsellor said.
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
The GSP+ facility has been instrumental in boosting the country’s exports to the European nation.
Dr Ali added,
Bilateral trade between Pakistan and Spain is on an upward trajectory. We are hoping to reach the $1 billion export mark very soon. The balance of trade is heavily tilted in favour of Pakistan in an overall value of $656.71m for 2016-17.
One of Europe’s fashion companies- Grup Cortifiel, plans to launch two branches of its brand “Women’s Secret” in Pakistan. One of its branches shall open in Lahore while the other one will be inaugurated in Karachi.
Moreover, in order to further improve Pakistan’s exports to Spain, the Embassy of Pakistan in Madrid is working together with Ministry of Commerce, Trade Development Authority of Pakistan and other stakeholders.