Web desk: Pakistan’s annual trade surplus with the United States has exceeded $4 billion, while bilateral trade volume between the two countries has recorded a 16 per cent increase.
According to official data, the total trade volume between Pakistan and the US reached $7.598 billion during the last fiscal year.
Pakistan’s exports to the US rose by 10 per cent, reaching $5.83 billion, while imports from the US stood at $1.763 billion.
A 40 per cent increase compared to the previous year.
Pakistan’s key exports to US
The textile and apparel sector remained the top contributor to Pakistan’s exports.
Major export items included bed sheets, table, toilet and kitchen linens worth $1.038 billion, men’s suits, jackets and trousers worth $936 million, ready-made garments and dress patterns worth $386 million, T-shirts worth $361 million, jerseys and pullovers worth $312 million, socks worth $278 million, leather goods worth $165 million, and women’s apparel worth $157 million.
These statistics point out that Pakistan’s textile sector remains a significant player in the US market.
Pakistan’s rising imports from US
Pakistan imported goods worth $1.763bn from the US, and a substantial share of these were industrial & agricultural goods.
Major imports included cotton worth $393 million, iron and steel scrap worth $160 million, soybeans worth $137 million, coal worth $56 million, turbojets and gas turbines worth $50 million, computer machinery worth $40 million, petroleum oil worth $38 million, electro-medical equipment worth $36 million, and dried fruits worth $33 million.
Trade prospects
With a trade surplus of over $4 billion, Pakistan continues to maintain a favourable trade balance with the US.
The data indicate a steady increase in demand for Pakistani products, especially textiles and garments, in the American market.
Analysts consider this a good sign in the export-led economy of Pakistan.
They stress the importance of diversification of exports and new markets to enhance trade relationships.
