Exports to US cross $2bn mark

United States of America (USA) remained the top importer of Pakistani products by importing over $2 billion worth of goods in the first half of the current financial year. Although, Pakistani authorities made numerous initiatives to diversify its export markets and even managed to achieve some success in this regard, however USA retained its position as the top importer of Pakistan products over the years. During July-December of this fiscal, Pakistan exported $2.018 billion worth of goods against $1.744 billion in the corresponding period of previous year, the official statistics suggest.

The top American market for Pakistani products also signifies in view of quantum of goods US imported from Pakistan, as it was the only market that imported over $2 billion worth of goods from Pakistan whereas the other countries could not even meet $1 billion mark in importing the goods from Pakistan.

The other markets were far behind US, whereas the next market ranked after US was United Arab Emirates, which though registered almost 20 percent growth in importing goods from Pakistan, however in absolute terms, the total goods were around $858 million. This was followed by Afghanistan, importing $713 million goods, China – despite having a Free Trade Agreement (FTA) with Pakistan imported $647 million. United Kindon imported products worth $620 million, Germany $505 million, Hong Kong $337 million, Bangladesh $333 million, Italy $327 million and Turkey $320 million. According to export figures, Pakistani exporters sent various kinds of goods to the US market during the half year period, the top five goods pertained the textile sector, which is the mainstay of Pakistan exports.

Mill-made cotton towels led the exports to USA as its total export came to $180 million in first six months of the current fiscal against $178 million in the same period of the previous year. Garments made up of knit/croch FA exports totaled $174 million as compared to $136 million in the corresponding period of previous, registering a 28 percent growth. Bed sheets, knitted/croached export stood at $123 million over $78 million. Boys shirts (cotton) decreased 6.58 percent to $106 million against $113 million and T-shirts, singlets, vest coat exports increased 28.16 percent to $53 million over $41 million in the previous year.

According to textile exporters, the export data indicated that country’s export markets are still limited to traditional ones, “which is due to our reliance on textile products. These textile products are consumed only in the traditional markets because in order to capture other markets, we need to have innovative products, in which we unfortunately have failed so far,” a textile exporter commented. – Daily Times