Pakistan’s exports to Germany show 8.79% increase in 8 months
- 13 Apr 2021
Pakistan’s exports of goods and services to Germany has witnessed an increase of 8.79 percent during the eight months of financial year (2020-21) as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported.
The overall exports to Germany were recorded at $989.729 million during July-February (2020-21) against exports of $909.755 million during July-February (2019-20), showing growth of 8.79 per cent, SBP data revealed.
Foreign Minister Shah Mahmood Qureshi says Pakistan wants to have more economic linkages with Germany for enhancement of bilateral trade and investment. He was addressing a joint news conference with his German counterpart Heiko Maas after delegation level talks in Berlin.
Shah Mahmood Qureshi said there are great opportunities for Germany to invest in Pakistan in various areas, including renewable energy, electric vehicles, information technology and tourism.
The on year-on-year basis, the exports to Germany during February 2021 also increased by 5.48 percent, from $110.430 million against the exports of $116.489 million.
On month-on-month basis, the exports to Germany however decreased by 6.39 percent during February 2021 as compared to the exports of $124.448 million in January 2021, the SBP data revealed.
Overall Pakistan’s exports to all countries witnessed decline of 2.26 percent in eight months, from $16.438 billion to $16.065 billion, the SBP data revealed.
On the other hand, the imports from Germany into the country during the period under review were recorded at $698.732 million against $658.180 million last year, showing increase of 6.16 percent in eight months of this year.
Meanwhile, on year-on-year basis, the imports from Germany during February 2021 dipped by 11.04 percent, from $104.285 million last year to $92.769 million.
On month-on-month basis, the import from Germany also decreased by 10.23 percent during February 2021 when compared to the import of $103.344 million in January 2021, the SBP data revealed.
The overall imports into the all countries increased by 8.59 percent, from $29.604 billion to $32.149 billion, according to the data. NNI
Pakistan’s Foreign Minister Shah Mahmood Qureshi said he has apprised his German counterpart about the shift in Pakistan’s policy from geo-politics to geo-economics, the government’s focus on economic diplomacy and the new incentives being offered to investors.
Referring to the regional security situation, Shah Mahmood Qureshi said India will have to take the first step to create an enabling and conducive environment for talks with Pakistan after India’s action about Kashmir on August 5, 2019.