Pakistan’s exports to the United States have jumped to $9 billion after recording an annual growth rate of 35%, according to the latest figures.
Pakistan’s Ambassador to the United States Masood Khan has revealed that his country’s exports last year stood at $7 billion.
Pakistan’s Ambassador to the United States Masood Khan has revealed that his country’s exports last year stood at $7 billion.
The net increase in the last year was $2 billion, one of the biggest in recent decades.
In 2021-22, Pakistan imported $3 billion worth of products from the United States, recording a massive surplus in favor of the South Asian country.
The two-way trade now stands at $12 billion, compared to last year’s nearly $9.5 billion.
“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”, Ambassador Khan noted.
The impressive performance of Pakistani exports in the US market, the ambassador 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”, Ambassador Masood Khan said.
Out of $9 billion in Pakistani exports, goods constitute $6.8 billion while services, including IT exports, totaled $2.2 billion. The country’s IT products remained at nearly $1.4 billion.
In the past year, Pakistan-based tech startups have earned around $800 million out of which 60% have been funded by US-based Venture Capital firms primarily in San Francisco.
Top American Venture Capital firms like Kleiner Perkins, Tiger Global, and Sequoia have started supporting Pakistan’s successful startups at the pre-seed, seed, and incubation stages.
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