Day: July 30, 2022

WASHINGTON: According to Pakistan’s Ambassador to the United States, Masood Khan, Pakistan’s exports to the United States have increased year on year, with a total volume of $9 billion and a 35 percent annual growth rate.

The Pakistani diplomat stated that exports totaled $7 billion last year. The net gain over the previous year was $2 billion. According to the embassy news release, Pakistan’s imports from the United States were $3 billion in 2021-22, up from $2.4 billion the previous year, bringing the overall Pakistan-US trade volume to $12 billion, up from roughly $9.5 billion the previous year.

“We have a large trade surplus with the United States,” Ambassador Masood Khan remarked. The spectacular increase in Pakistani exports to the United States established a precedent for the country’s other export destinations across the world, with the United States remaining the country’s leading export destination,

“If exports continue to rise at a 35 percent annual pace, overall Pakistan-US trade volume would reach $20 billion in the next three years, which would still be a modest target considering the huge potential that exists between the two countries,” he added.

According to the ambassador, Pakistani exporters’ substantial success in the US market should increase trust in local markets and among international investors. Furthermore, he stated that the incredible rise in overall Pakistani exports should add to the stability of the Pakistani economy and alleviate anxieties.

“What we need is market confidence,” stated Ambassador Masood Khan.

According to the press release, products account for $6.8 billion of Pakistan’s overall export volume of $9 billion, while services, including IT exports, account for $2.2 billion. Pakistan exported almost $1.4 billion in information technology items to the United States. IT exports in June 2022 have not yet been added.

According to the release, Pakistan-based software businesses have received roughly $800 million in the last year, with 60 percent of the money coming from US-based venture capital firms headquartered mostly in San Francisco. Top American venture capital companies such as Kleiner Perkins, Tiger Global, and Sequia have begun to sponsor successful Pakistani entrepreneurs at the pre-seed and incubation phases.

Ambassador Masood Khan stated that in recent months, Pakistan and the United States have been developing bilateral commerce and investment, strengthening collaboration in the health, agricultural, and technology sectors.

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