Huge spurt in Pakistani exports to the United States to $9 billion: Masood Khan
Ambassador Masood Khan said that there has been marked year-on-year rise in Pakistani exports to the United States with a total volume of $9 billion and an annual growth rate of 35%. Last year the volume of the exports was $7 billion. So, there has been a net increase of $2 billion in Pakistani exports to the US in the last one year.
In 2021-22, the imports from the United States have been $3 billion compared to last year’s $2.4 billion. Thus, the total trade volume between Pakistan and the United States has increased to $12 billion compared to last year’s nearly $9.5 billion. “We have a big trade surplus with the US”, the Ambassador said.
Ambassador Masood Khan said that the impressive growth of Pakistani exports to the United States is a trendsetter for our other export destinations around the world and added that the United States has maintained its primacy as being the largest export destination for Pakistan anywhere in the world.
“If the exports continue to grow at the rate of 35% per year, in the next three years overall Pakistan-US trade volume would cross $20 billion, which would still be a modest goal given the immense potential that is there between the two markets”, he said.
The impressive performance of our exports in the US market, the Pakistan envoy said, should boost confidence in domestic markets and amongst foreign investors. Besides, he said, the remarkable growth of overall Pakistani exports should contribute to the stability of Pakistan’s economy and assuage fears being stoked. “What we need the most is market confidence”, he said.
Out of the total volume of $9 billion in Pakistani exports, goods constitute $6.8 billions while the component of services including export of IT is $2.2 billion. Pakistan exported to the US, IT products worth nearly $1.4 billion. The IT exports of June 2022 have yet to be included.
In the past one year, the Pakistan based tech startups have earned around $800 millions out of which 60% has been funded by US based Venture Capital firms primarily in San Francisco. Top American Venture Capital firms like Kleiner Perkins, Tiger Global and Sequia have started supporting Pakistan’s successful startups at the pre-seed, seed and incubation stages.
Ambassador Masood Khan said that in the past few months, Pakistan and the United States have been engaged to promote trade and investment between the two countries as well as to enhance cooperation in the health, agriculture and tech sectors “The emphasis is on connectivity and productivity as well as tangible results”, he said adding that early dividends would be forthcoming soon.
Washington D.C, July 29 2022
