Washington, 29 September 2021 (TDI): Pakistan’s Ambassador to USA Asad Majeed Khan hosted a business exchange event at Pakistan’s Embassy in Washington. The event was named ‘Pakistan-United States A Lasting Friendship.’
After the event, Ambassador Khan remarked that he had a comprehensive discussion with the entrepreneurs that were on a visit to the USA as AMPAK delegates. He also informed that the discussion of the event explored the business potential and investment opportunities in Pakistan. They also deliberated over the market challenges for Pakistan in the USA.
After the event, participants were presented with souvenirs and took a group photo to make the day memorable.
Pakistan-USA Trade relations
In 2019, Pakistan’s GDP was an estimated $284.2 billion (current market exchange rates); real GDP was up by an estimated 3.3%, and the population was 205 million.
Pakistan is the 56th largest goods trading partner with the US having $6.6 billion in total (two-way) goods trade during 2019. Goods exports totaled $2.6 billion; goods imports totaled $3.9 billion. The U.S. goods trade deficit with Pakistan was $1.3 billion in 2019.
According to the Department of Commerce, U.S. exports of goods to Pakistan supported an estimated 10 thousand jobs in 2015 (latest data available).
- Pakistan was the United States’ 57th largest goods export market in 2019.
- U.S. goods exports to Pakistan in 2019 were $2.6 billion, down 7.2% ($204 million) from 2018 but up 63.7% from 2009.
- The top export categories (2-digit HS) in 2019 were: cotton ($628 million), oilseeds and oleaginous fruits (soybeans) ($390 million), iron and steel ($244 million), machinery ($198 million), and mineral fuels ($132 million).
- U.S. total exports of agricultural products to Pakistan totaled $1.2 billion in 2019, our 24th largest agricultural export market. Leading domestic export categories to include cotton ($628 million), soybeans ($384 million), tree nuts ($33 million), dairy products ($31 million), and planting seeds ($30 million).
- Pakistan was the United States’ 55th largest supplier of goods imports in 2019.
- U.S. goods imports from Pakistan totaled $3.9 billion in 2019, up 5.7% ($213 million) from 2018, and up 24.0% from 2009.
- The top import categories (2-digit HS) in 2019 were: miscellaneous textile articles ($1.3 billion), knit apparel ($880 million), woven apparel ($607 million), cotton ($161 million), and leather products ($140 million).
- U.S. total imports of agricultural products from Pakistan totaled $125 million in 2019. Leading categories include rice ($38 million), sugars, sweeteners, beverage bases ($29 million), spices ($18 million), snack foods ($8 million), and processed fruit & vegetables ($7 million).
- The U.S. goods trade deficit with Pakistan was $1.3 billion in 2019, a 48.6% increase ($417 million) over 2018.
- U.S. foreign direct investment (FDI) in Pakistan (stock) was $256 million in 2019, a 73.0% increase from 2018. There is no information on the distribution of U.S. FDI in Pakistan.
- Pakistan’s FDI in the United States (stock) was $154 million in 2019, down 7.8% from 2018. There is no information on the distribution of Pakistan FDI in the U.S.