Pakistan, being the 6th largest country by population enjoys considerable trade relations with different countries all around the globe. According to world bank total value of exports for Pakistan back in 2018 was US$ 23,631 Million. Whereas value of imports was double than exports crossing the figure of US$ 60,163 Million. A big proportion of these statistics belongs to European countries. EU was Pakistan’s largest export market representing 34 percent of the total exports. On the Other hand, if we look at imports, EU was ranked third highest after China and UAE.
These giant figures show the impact of EU Countries on Pakistan’s economy. But now after the Brexit things may change simultaneously. Because United Kingdom alone is a big ally of Pakistan when it comes to trade and economy. In 2018, Government of United Kingdom Stated that Bilateral trade between UK and Pakistan was around US$ 2900 Million. And also, UK was the third source of direct foreign investment for Pakistan After China and Netherlands. In 2017, number of people living in United Kingdom on Pakistani Passport was 1,88,000 and those having British passports and more than million. This increasing number of Population has made Britain a big source of remittance for Pakistan.
Other than United Kingdom, Germany, Netherlands, Italy and Spain are ranked among Top 10 countries for Pakistani exports in 2019. Textile articles, Cotton and Cereals are one of the top ranked exported products of Pakistan. Pakistan’s economy is currently 40th biggest by GDP in the world. Which is not a significant figure for a country having 2.59 percent proportion of the total population of the world. In post pandemic world, we can expect that Pakistan will further enhance its trade relations with European countries. Because EU countries have suffered a lot during pandemic and to instantly boom their economy, they will surely create potential trade avenues for countries Like Pakistan.
