Pakistan's Exports to Europe Drop 12% in Q1 FY2024, Led by Steep Declines to Western Europe
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Pakistan's exports to European countries fell 12.13% in Q1 FY2024 compared to Q1 FY2023, primarily due to reduced demand.
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Exports to Western Europe saw a significant 28.36% decrease, dropping from $1.257bn in Q1 FY2023 to $1.001bn in Q1 FY2024.
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Exports to the UK dipped 0.22% to $518.803m in Q1 FY2024 from $519.948m in Q1 FY2023.
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Exports to Germany, the top export destination under GSP+, fell 20% to $364.446m in Q1 FY2024 from $456.895m in Q1 FY2023.
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The Netherlands emerged as the second biggest export market, with exports declining 13.18% to $331.860m in Q1 FY2024.