Impressive growth.
Pakistan’s exports to US, UK set new benchmark
Pakistan’s exports to the US and UK have set a new benchmark, by reaching the highest mark in 2004-05. Latest details depict that in 2004-05 for the first time Pakistan’s exports the United States crossed $3 billion mark and settled at $3.154 billion, showing a affable growth of $391 million in last fiscal year. Similarly, country’s exports to the United Kingdom also exceeded one billion dollars level for the first time in last financial year and stood at $1.035 billion as against $893.22 million in 2003-04, indicating an increase of 142 million dollars. In other words 30 per cent of Pakistan’s total exports in 2004-05 were destined to the United States and the United Kingdom. The United States has retained its position of being the leading buyer of Pakistani products in the world while the UK emerged as the second major importer of Pakistan and replaced the United Arab Emirate. The UAE remained the third leading buyer of Pakistani products. Textile products have fetched a lion’s share of foreign exchange through exports from the United States and the United Kingdom in last budgetary year.
Pakistani textile products are believed to have attracted over $2 billion from the US and more than half a billion dollars from the UK. Within textile group, the woven cotton fabrics exports generated nearly $350 million, cotton yarn attracted little over $100 million, rice $27 million, woven terry fabrics and tufted textile fabric $229 million, carpets/textile floor coverings $111 million, woven fabric of synthetic filament yarn $68 million, gents shirts/knitted or crocheted $173 million, ladies over coats, car coats $27 million, gents suits, ensembles, jackets $42 million, leather prepared after tanning $27 million, leather garments $62 million, bed/table linen $436 million, garments, made ups $288 million, garments knitted/crocketed $105 million, made-up articles of textiles $117m, etc. Most of the traditional categories of textile showed a heartening increase in their exports to the United States. The other major traditional exports to the US in 2004-05 were blankets, track suits, panty hose, socks, babies garments, sweaters, T-shirts, surgical, sports goods, leather, pharmaceutical items, rice, natural gums, balsams. Like the US, such items also showed a better growth in their exports to the UK in last fiscal year.