Despite GSP+ status Pakistani exports to European Union dropped
04 March, 2024 19:31
Despite EU GSP+ status Pakistani exports to Europe dropped
Pakistan’s exports to European countries dipped year-on-year by 7.54 percent in the first seven months of the current fiscal year.
The dip in exports was observed mainly due to reduced demand for Pakistani goods in western, southern and northern Europe despite having GSP+ status for 27-member EU countries.
The export proceeds from these European Union countries fell to $4.866 billion in July-January FY24, a drop from the $5.263 billion recorded in the corresponding months of the previous year, according to figures compiled by the State Bank of Pakistan.
In FY23, exports to the EU dropped 4.41 percent to $8.188 billion from $8.566 billion in the preceding fiscal year. However, the decline in exports was seen despite the Generalised System of Preferences Plus (GSP+) scheme.
PIAF Chairman Faheem-ur-Rehaman Saigol, quoting the latest figures, said that this decline in export proceeds indicated the challenges faced by Pakistani exporters in these economically uncertain times despite having preferential access to 27-member EU countries.
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