*WASHINGTON: Pakistan’s Ambassador to the United States, Masood Khan hassaid that Pakistan’s exports to the US have marked a year-on-year rise,with a total volume of $9 billion at an annual growth rate of 35 percent.*
In a statement issued by the embassy, the Pakistani envoy pointed out thatthe volume of exports last year was $7 billion, adding that the netincrease in the last one year was $2 billion.
In 2021-22, the embassy statement said, the imports from the United Stateshave been $3 billion compared to last year’s $2.4 billion, boosting thetotal Pakistan-US trade volume to $12 billion, compared to last year’snearly $9.5 billion.
He further said that the impressive growth of Pakistani exports to theUnited States was a trendsetter for the country’s other export destinationsaround the world, with the US maintaining its primacy as Pakistan’s largestexport destination.
“If the exports continue to grow at the rate of 35% per year, in the nextthree years overall Pakistan-US trade volume would cross $20 billion, whichwould still be a modest goal given the immense potential that is therebetween the two markets”, he added.
The ambassador said that the impressive performance of Pakistani exports inthe US market should boost confidence in domestic markets and amongstforeign investors.
Besides, he said, the remarkable growth of overall Pakistani exports shouldcontribute to the stability of Pakistan’s economy and assuage fears beingstoked. “What we need the most is market confidence”, Ambassador MasoodKhan said.
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Out of the total volume of $9 billion in Pakistani exports, goodsconstitute $6.8 billions while the component of services, including exportof IT is $2.2 billion, according to the press release. Pakistan exported tothe US the IT products worth nearly $1.4 billion. The IT exports of June2022 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 Capitalfirms primarily in San Francisco, the release said.
Top American Venture Capital firms like Kleiner Perkins, Tiger Global andSequia have started supporting Pakistan’s successful startups at thepre-seed, seed and incubation stages.
Ambassador Masood Khan said that in the past few months, Pakistan and theUnited States have been engaged to promote trade and investment between thetwo countries as well as to enhance cooperation in the health, agricultureand tech sectors.
“The emphasis is on connectivity and productivity as well as tangibleresults”, he said, adding that early dividends would be forthcoming soon.
