ISLAMABAD: The bilateral trade between Pakistan and the US witnessed an increase of over 38 percent and touched 10.5 billion mark dollars during the last fiscal year, and country’s exports to the US will continue to grow in the coming years.
Also read: Pakistan earns $199 Mn from IT services’ export during July 2022
This was narrated by Parliamentary Secretary for Commerce Syed Javed Ali Shah while speaking in the National Assembly during today’s question hour on Friday.
Syed Javed Ali Shah said Pakistan was negotiating a Free Trade Agreement with the Gulf Council Cooperation to get market access for goods and services. He said Pakistan was also engaged with Saudi Arabia under the ambit of the Supreme Coordination Council to enhance exports to the Kingdom.
Also read: Pakistan earns $633.130 million from IT services export in first quarter of 2022-23
It is pertinent to mention here that the data, released by State Bank of Pakistan last week, showed that the United States (US) remained the top export destination of Pakistani products during the first four months of the current fiscal year (2022-23), followed by the United Kingdom (UK) and China.
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Total exports to the US from July-October (2022-23) were recorded at US$ 2132.689 million against the exports of US$ 2096.444 million during July- October (2021-22), showing growth of 1.72 percent, according to the State Bank of Pakistan (SBP). This was followed by the UK, wherein Pakistan exported goods worth US$ 685.614 million against the exports of US$ 745.751 million last year, showing a decrease of 8.06 percent.
Also read: Pakistan’s textile exports decline by 1.34% during first four months
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