Jul-May 2021-22: Pakistan’s exports to US increase by 23pc

ISLAMABAD: Pakistan’s year-on-year exports to the United States have increased by 23%. Last year, the total volume of exports, for the first time crossed $5 billion. Exports grew to $6.16 billion in the July-May 2021-22.

These figures have been released at a time when an official delegation of United States is already in Pakistan to find new avenues of cooperation in the economic field.

The figures of June, which have yet to come, would further enhance the overall volume of total Pakistan’s exports to the US.

In the last financial year, Pakistan’s imports from the United States stood at $2.4 billion. In the July-May 2021-22 period, they increased to $2.72 billion so Pakistani imports from the United States have increased marginally whereas there has been a huge rise in our exports.

“The United States is an important trading partner and the single largest export destination for Pakistan. The spurt in our exports is a very promising trend”, Ambassador Masood Khan said.

Pakistan’s total exports to the US in Services and IT have crossed $2 billion. Cumulatively, the total volume of exports should be more than $8 billion, including services and IT.

“Pakistan’s tech sector, supported mainly by the United States’ entrepreneurs, has shown extraordinary results. It is poised to continue on its positive trajectory,” the Ambassador said.

In recent months, the tech startups in Pakistan have invested and earned a billion dollars. The digital enterprises in Pakistan are fast becoming global, ready for exponential growth.

“The Pak-US partnership in the tech sector will grow in strength in the years to come,” Masood Khan said.

In the recent past, Pakistan has emphasized closer trade and investment ties between Pakistan and the United States. The remarkable performance of Pakistan’s exports to the US market would reinforce such trends and deepen the engagement between the two countries.

Pakistan and the United States held an inter-sessional meeting of trade and investment in March 2022, which was led by Christopher Wilson, Assistant US Trade Representative from the US side, and Secretary Commerce Muhammad Sualeh Ahmad Faruqui, from the Pakistani side. Both sides are preparing for a Ministerial meeting under Trade and Investment Framework (TIFA) during summer or early fall this year.

Copyright Business Recorder, 2022