Published On: Tue, Dec 24th, 2013
Published in Category: Business / Islamabad

Trade volume with Spain crosses $ 2 bln mark in three years

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ISLAMABAD: The trade balance with Spain has been witnessed in favour of Pakistan as the trade between the two countries crossed US$ two billion mark during last three years.

The trade between the two countries during 2010-11 was $ 754.589 million including $ 571.505 million exports and $ 183.084 million imports and during 2011-12, the trade volume was $ 627.855 million including $ 490.148 exports and $ 137.707 million imports.

Similarly, during 2012-13, the trade volume between Pakistan and Spain was $ 686.692 million including $ 527.139 exports and $ 159.553 imports during the period.

According to data issued by Ministry of Textile Industry, the major items of exports were articles of apparel and clothing (knitted), made-up articles of textile materials, cotton fabrics woven and articles of apparel and clothing textile materials while major items of import from Spain include machinery (of all sorts) & its parts, chemical materials and products, iron and steel manufacture thereof, and chemical elements and compounds.

In order to further improve balance of trade, Pakistan has been engaged in efforts to receive concessional preferential trade packages/scheme in 2012.

One of such schemes includes Autonomous Trade Preferences (ATP) package in November 2012 as under this package, Pakistan’s exports of 75 tariff lines to European Union (EU) including Spain were under preferential rates.

In addition, various efforts at direct interface between businesses are a continuous process, therefore, Pakistan is regularly participating in important exhibitions of Spain such as International Expo Zaragoza, Textile Hogar and Habitat Fair etc.

Similarly, Spanish companies are participating in Expos and other leather, textile related exhibitions in Pakistan.