Pakistan US trade surges past $7 billion

The trade relationship between Pakistan and the United States has seen significant growth, exceeding $7 billion in 2023 and reaching $6.3 billion during the first ten months of 2024, according to Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He expressed hope that this figure could be doubled in the coming years due to the increasing demand for Pakistani products, a rise in IT exports, and a broader diversification of the export portfolio.

In a statement from the FPCCI, Sheikh noted the business community’s confidence in the largely untapped potential of the US market for Pakistani goods and services. “With focused efforts, this trade volume can be significantly increased over a short period,” he stated.

Pakistan’s Ambassador to the US, Rizwan Saeed Sheikh, highlighted the strong bilateral ties, supported by a significant Pakistani-American diaspora of around one million people. He pointed out that Pakistan is the largest global importer of American cotton and mentioned initiatives to send 5,000 Pakistani nurses to the US, with plans to include pharmacists later. Additionally, he noted that 40,000 Pakistani doctors are currently practicing in the US.

Ambassador Sheikh emphasized the role of economic diplomacy, suggesting that the economies of California and Texas—ranked as the fourth and sixth largest globally—offer vast opportunities. “What may seem unattainable in terms of political diplomacy can often be accomplished through economic collaboration,” he pointed out.

Furthermore, the FPCCI president encouraged exporters to be ready for forthcoming opportunities, including the potential renewal and expansion of the US Generalized System of Preferences (GSP) program. He mentioned that textiles make up 55% of Pakistan’s exports to the US, but other sectors are also gaining traction, particularly as IT exports have now exceeded $1 billion.