ISLAMABAD, July 2(ABC): Pakistan Ambassador to the United States Masood Khan has said that Pakistan’s year-on-year exports to the US have increased by 23% and last year, the total volume of exports, for the first time, crossed $5 billion.
During this financial year, exports have already grown to $6.16 billion in the July-May 2021-22 period.
The figures of June, which have yet to come, he said, would further enhance the overall volume of total Pakistan’s exports the US.
“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”, a press release on Saturday quoted ambassador Masood Khan as saying.
He said Pakistan’s total exports to the US in the sectors of services and IT crossed $2 billion mark. 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”, he added.
In the recent months, the tech startups in Pakistan had invested and earned half a billion dollars. The digital enterprises in Pakistan were 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.
He said, in the last financial year, Pakistan’s imports from the United States stood at $2.4 billion. In the July-May 2021-22 period, these have increased to $2.72 billion. So, imports from the United States increased marginally whereas there had been a huge rise in Pak’s exports.
In the recent past, the ambassador said, 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.