It was reported by Pakistani Ambassador Masood Khan that Pakistani exports to the United States surged by 23% year-on-year and that overall export volume last year surpassed $5 billion for the first time.
Exports have already risen to $6.16 billion in the July-May 2021-22 timeframe during the current financial year.
According to him, Pakistan’s total exports to the United States would continue to grow while June’s figures are yet to be released.
“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”, according to ambassador Massod Khan in a press release from Washington.
A total of $2 billion in services and IT exports to the United States has been achieved by Pakistan, he said. Exports of goods, services, and information technology are expected to total more than $8 billion.
“Pakistan’s tech sector, supported mainly by the United States’ entrepreneurs, has shown extraordinary results. It is poised to continue on its positive trajectory”, he added.
A half-billion dollars has been invested and earned by Pakistani tech startups in the last few months. It was only a matter of time until Pakistan’s digital businesses were poised to take off and grow exponentially.
“The Pak-US partnership in the tech sector will grow in strength in the years to come”, Masood Khan said.
According to him, Pakistan imported $2.4 billion worth of goods from the United States in the most recent fiscal year. These will rise to $2.72 billion between July 2021 and May 2022. As a result, US imports increased somewhat, while Pakistan’s exports soared.
According to the ambassador, Pakistan has recently placed an emphasis on expanding bilateral commerce and investment. Such tendencies would be bolstered by Pakistan’s exports to the US market, which have performed exceptionally well.
Christopher Wilson, Assistant US Trade Representative, and Muhammad Sualeh Ahmad Faruqui, Secretary Commerce of Pakistan, attended an inter-sessional meeting on trade and investment in March 2022. A Ministerial meeting under the Trade and Investment Framework (TIFA) is expected to take place in the summer or early fall of 2013.