Pakistan exported $3.242 billion worth of goods in various categories to the United States (US), the largest destination for the Pakistani products, during July-April 2011-12, while exports in April 2012 only amounted to $320.5 million down from $304 million in the same month last year.
Pakistan’s exports to the United States have declined by $100 million in the July-April period of the current fiscal year.
Pakistan exports in the same period last year totalled $3.342 billion. Similarly, total imports from the US stood at $656.9 million whereas it was recorded at $923.5 million last year.
According to the provisional statistics released by the State Bank of Pakistan, country’s export receipts from the region of North America including USA, Canada and others fell to $3.432 billion in July-April FY12 compared with $3.504 billion during the same period of previous year.
Exports to the UK, the other major market amounted to $1.074 billion in July-April 2011-12 from $1.051 billion during the year earlier.
Economists and analysts held a view that the US and EU are the major destinations for Pakistani textile exports, which has been on declining trend for a few months that has contributed towards overall decline in the quantum of exports.
Textile exports suffered from slowdown in demand in its main markets of the EU and the US. Moreover, energy shortages may have been the main reason for slowdown in the textile exports also. Analysts predict that the current state of tense Pak-US bilateral relations may have negative implications for Pakistan’s balance of payment position and exports receipts as well. Resultantly, the volume of exports to the US might see a major setback in times to come.
Pakistan exports were worth $2240 million in April of 2012. Historically, from 2003 until 2012, Pakistan Exports averaged $1529.7400 million reaching an all time high of $2660.0000 million in June of 2011 and a record low of 776.4000 Million USD in February of 2003.
Pakistan exports rice, furniture, cotton fiber, cement, tiles, marble, textiles, clothing, leather goods, sports goods, surgical instruments, electrical appliances, software, carpets and rugs and food products. Pakistan now is being very well recognised for producing and exporting cements in Asia and Mid-East.