Pakistani exports to the United States have risen to $9 billion, according to Ambassador Masood Khan.
According to Pakistan’s Ambassador to the United States, Masood Khan, Pakistan’s exports to the United States have increased year on year, with a total volume of $9 billion and a 35 percent annual growth rate.
The Pakistani envoy stated that the amount of exports last year was $7 billion, with a net rise of $2 billion in the previous year. According to the embassy news release, imports from the United States will be $3 billion in 2021-22, up from $2.4 billion the previous year, bringing overall Pakistan-US trade volume to $12 billion, up from roughly $9.5 billion the previous year.
“We have a large trade surplus with the United States,” Ambassador Masood Khan noted.The spectacular increase of Pakistani exports to the United States, he said, set a precedent for the country’s other export destinations around the world, with the United States remaining the country’s leading export destination.
“If exports continue to rise at a 35 percent annual rate, overall Pakistan-US trade volume would reach $20 billion in the next three years, which would still be a modest target given the enormous potential that exists between the two countries,” he said.According to the press release, goods account for $6.8 billion of Pakistani exports, while services, including IT exports, account for $2.2 billion.
Pakistan exported about $1.4 billion in IT products to the United States. IT exports in June 2022 have not yet been included.According to the statement, Pakistan-based software businesses have received around $800 million in the last year, with 60 percent of the funds coming from US-based Venture Capital firms based mostly in San Francisco.
Top American venture capital firms like as Kleiner Perkins, Tiger Global, and Sequia have begun to fund successful Pakistani startups at the pre-seed, seed, and incubation phases. According to Ambassador Masood Khan, Pakistan and the United States have been working together in recent months to expand bilateral commerce and investment, as well as to strengthen collaboration in the health, agriculture, and technology sectors.