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Pakistan Ambassador to the United States Masood Khan has said that Pakistan’s year-on-year exports to the US have increased by 23% and last year, the total volume of exports, for the first time, crossed $5 billion.

During this financial year, exports have already grown to $6.16 billion in the July-May 2021-22 period.

The figures of June, which have yet to come, he said, would further enhance the overall volume of total Pakistan’s exports to the US.

“The United States is an important trading partner and the single largest export destination for Pakistan. The spurt in our exports is a very promising trend”, a press release from Washington on Saturday quoted ambassador Masood Khan as saying.

He said Pakistan’s total exports to the US in the sectors of services and IT crossed the $2 billion mark. Cumulatively, the total volume of exports should be more than $8 billion, including services and IT.

“Pakistan’s tech sector, supported mainly by the United States’ entrepreneurs, has shown extraordinary results. It is poised to continue on its positive trajectory”, he added.

In recent months, the tech startups in Pakistan had invested and earned half a billion dollars. The digital enterprises in Pakistan were fast becoming global, ready for exponential growth.

“The Pak-US partnership in the tech sector will grow in strength in the years to come”, Masood Khan said.

He said, in the last financial year, Pakistan’s imports from the United States stood at $2.4 billion. In the July-May 2021-22 period, these have increased to $2.72 billion. So, imports from the United States increased marginally whereas there had been a huge rise in Pak’s exports.

In the recent past, the ambassador said, Pakistan has emphasized closer trade and investment ties between Pakistan and the United States. The remarkable performance of Pakistan’s exports to the US market would reinforce such trends and deepen the engagement between the two countries.

Pakistan and the United States held an inter-sessional meeting on trade and investment in March 2022, which was led by Christopher Wilson, Assistant US Trade Representative, from the US side, and Secretary Commerce Muhammad Sualeh Ahmad Faruqui, from the Pakistani side. Both sides are preparing for a Ministerial meeting under Trade and Investment Framework (TIFA) during summer or early fall this year.
 

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Textile exports were recorded at $19.35 billion in the outgoing FY22, showing an upsurge of 26% YoY when compared to $15.41bn in FY21, according to the data issued by All Pakistan Textile Mills Association (APTMA) today.

The year-on-year increase in exports remained strong due to the resumption of economic activities, and strong demand in the West while rerouting orders out of China and regional countries.
In the month of June 2022 alone, textile exports just inched up by 4% YoY to $1.73bn as compared to $1.66bn in June 2021.

However, the news report suggested that the textile exports will likely witness a loss of $1 billion in July 2022 due to the gas closure and Eid holidays despite being in the sweet spot on the notable depreciation of the Pakistani rupee (PKR) against the US dollar.
The sector will not be provided gas from July 1, 2022, to July 8, 2022. Meanwhile, textile units will observe another shut down on the back of the upcoming Eid holidays.

At present, exporters are unable to negotiate new export orders due to extreme uncertainty with regard to the manufacturing costs to export goods.

Earlier on Tuesday, Chairman of APTMA, Abdul Rahim Nasir requested Prime Minister Shehbaz Sharif to announce competitive prices of electricity and gas for the textile sector before June 30, 2022, at the earliest as the current tariffs lapsed on the said date.
 

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Interloop Limited, the largest hosiery producer in Pakistan, has announced record monthly export sales of $53 million in June.

The total export sales for the fiscal year 2021-22 (FY22) now stand at $453 million. This is a significant achievement for Interloop Limited and a testament to the hard work of its employees. Navid Fazil, Founding Director and Chief Executive Officer (CEO) of Interloop Limited, said that the company is proud to be able to contribute to Pakistan’s foreign currency reserves. He added that the Interloop team is excited to have

As we move into the new year, we remain committed to our vision for 2025. Despite challenges on the international and local fronts, we are grateful for God’s kindness and the hard work of our team at Interloop. This has allowed us to achieve strong growth, with a profit-after-tax (PAT) of Rs6.99 billion for 9MFY22, representing an increase of 52 percent from the Rs. 4.60 billion earned in the corresponding period of the last fiscal year.
 
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