According to the latest report, Pak-USA trade of goods and services witnessed a surplus of 54.59 percent during the first ten months of FY2022 as compared to the corresponding time period in FY2021.
Trade between USA and Pakistan stood at $ 5616.739 million during July-April (2021-22) against exports of $4020.901 million during July-April (2020-21), showing a growth of 39.68 percent, SBP data revealed.
According to a year-on-year basis, exports to the USA during April 2022 increased by 35.47 percent, from the US $ 456.326 million to the US $ 618.214 million. On month-to-month exports to the USA rose by 28.91% during April 2022 as compared to the export worth the US $ 588.250 million in March 2022, claims the data of the State Bank of Pakistan.
The United States has long been Pakistan’s #1 export destination, and our trade continues to grow. U.S.-Pakistan trade in the first ten months of Pakistan’s FY 2022 increased by 34 percent compared to the same period in FY 2021. #PakUSAt75 https://t.co/riURLUdvAH pic.twitter.com/arvOQf1SGR
— U.S. Embassy Islamabad (@usembislamabad) June 2, 2022
The data of SBP claims that the year-on-year imports from the USA also increased during April 2022 by 17.96 % from the US $212.443 million last year to the US $250.615 million.
On a month-to-month basis the imports from the US rose by 30.86% during April 2022 as compared to imports of US $278.008 in March 2021, the SBP data revealed.
The overall imports of Pakistan increased by 38.95% from the US $43.036 billion to the US $59.799 billion.
Read more: Pakistan imports to GDP ratio surpasses 18 percent
Pakistan also recorded the trade plus during the time period under review. The trade surplus was recorded at $3138.707 million against $2030.338 million, showing 54.59 percent growth.
US Embassy in Islamabad shared the news on its official Twitter account on Thursday. “The United States has long been Pakistan’s #1 export destination, and our trade continues to grow. U.S.-Pakistan trade in the first ten months of Pakistan’s FY 2022 increased by 34 percent compared to the same period in FY 2021,” said US Embassy in its tweet.
Meanwhile, the current government has banned the import of non-essential luxury items last month. It has now lifted the ban on the import of raw materials.