Pak foreign trade prospects


Pakistan has immense potential of raising exports both in quantity and
price to the world and earn billions of dollars to overcome both the
current account deficit as well as bridging the deficit. As per authentic
assessment, textiles, worn clothing, cotton, knit or crochet clothing,
accessories, cereals, leather/animal gut articles, sugar, sugar confectionery,
optical, technical, medical apparatus, fish, salt, sulphur, stone, cement
and others are hot items which are very much liked in both the developed and
emerging markets.
Sharing land borders with economic powerhouses China and India, the Islamic
Republic of Pakistan shipped $21.9 billion worth of goods around the globe in
2017. That dollar amount reflects a -12.9% drop since 2013 but a 6.5% gain from
2016 to 2017. From January to June 2018, exported goods from Pakistan were
valued at $12.4 billion. This 6-month metric puts Pakistani exports on track for
an annualized $24.7 billion estimated for all 2018.
Pakistan’s exported goods plus services represent 8.3% of total Pakistani
economic output or Gross Domestic Product. Please note that the overall value
of exported goods and services includes re-exports. From a continental perspective,
37.2% of Pakistan’s exports were delivered to importers in Asia while
35.5% arrived in Europe. Smaller percentages went to North America at 17.8%,
Africa at 6.6% and, at 1.4%, to Latin America excluding Mexico but including the
Caribbean. Similarly, as per statistics, The United States of America (USA) was
the top export destinations of Pakistani products during the first seven months
of the current fiscal year, followed by United Kingdom (UK) and China. The total
exports to the USA during July-January (2018-19) were recorded at $2363.579
million against the exports of $2236.507 million during July-January (2017-18),
marking a growth of 5.68 percent during the period.
To the UK, Pakistan exported goods worth $1038.693 million against the exports
of $1010.179 million last year, showing an increase of 2.82 percent. China
stood at third spot where Pakistan exported products worth $1031.816 million
during the current fiscal year against the exports of $978.887 million during the
last fiscal year, showing a growth of 5.4 percent. Now it is up to the economic
managers of the current government to benefit from the accelerated demand of
Pakistani products by the international markets.

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