ISLAMABAD: Pakistan’s bilateral trade with Greece declined $ 17.2 million in last four fiscal years. Total volume of bilateral trade between Pakistan and Greece was $ 89.5 million in fiscal year 2012-13 but it reduced to $ 72.3 million in 2015-16. This decline has been gradual as tune of bilateral trade was $ 86.3 million in FY 2013-14 and $ 78.7 million in FY 2014-15.
Pakistan can satisfactorily cater to the requirements of the Greek market for sports goods, textile products and food related items and consumer goods including items like frozen meat, dairy products, household electric appliances, fancy furniture and fashion industry etc.
However, a well placed source at Ministry of Commerce (MoC) told Customs Today that main cause of the declining tune of bilateral trade between Pakistan and Greece as the Euro-Zone crisis as the Greece was at centre stage of the Euro Zone crisis resulting in high levels of unemployment and falling national income which severely reduced the aggregate national consumption of the country and also caused bilateral trade to shrink.
“This is why, Pakistan’s exports to Greece stood at US$ 62.6 million in 2015-16 whereas Pakistan’s imports from Greece stood at US $ 9.6 million over the same period. Balance of trade has remained in the favour of Pakistan for the last five years” the source added.
However, the source said that MoC had been making efforts to update exporters/ businessmen about market opportunities that arisen in the Greece market. Consequently, Pakistan’s cotton fabrics, all sorts of rice, chemical products and synthetic fabrics have gained foothold there.
In this regard, representatives of MoC based in Pakistani Mission were in touch with the local authorities and chambers of commerce to enhance the existing volumes of bilateral trade and encouraged large enterprises of Greece such as Maritech. IDE, Lockheed Martin. Channel VAS, Miltech, LEEAD, Metron etc to invest in Pakistan.
