Pakistan's exports to EU increases by $1.08b
Exports to European Union have grown more rapidly in 2014 than many of its regional competitors.
After the grant of GSP Plus status, Pakistan's exports to European Union have increased by 1.08 billion dollars from January to October last year as compared to the same period in 2013.
According to official sources, Pakistan's exports to European Union from January to October 2013 amounted to 5.30 billion dollars which rose to 6.38 billion dollars during the same period last year after grant of GSP Plus status to Pakistan. This registered an increase of 20.36 percent exports in ten months.
Many sectors which were facing a custom tariff from 6.4 percent to 12 percent have now duty free access in European Union. This development has helped Pakistani products to become more competitive in the International market.
Pakistan's exports to European Union have grown more rapidly in 2014 than many of its regional competitors including Bangladesh, India and Vietnam.