Pakistan’s exports to US rise by 10.4%

ISLAMABAD: Pakistan’s exports to the United States increased by 10.4% during the first eight months of the current fiscal year.

According to official data, exports to North America rose by 9.7%, reaching 4.2 billion dollars.

A large portion, around 94% of Pakistan’s exports to the U.S. comprised textiles and garments, highlighting the sector’s key role in the country’s export economy.

The increase is attributed to improved trade facilitation under the Special Investment Facilitation Council (SIFC) and higher demand for Pakistani goods in the U.S. market.

Government reforms in trade policy, along with SIFC support, have played a key role in this growth.

The rise in exports is seen as a positive sign for Pakistan’s foreign exchange reserves and the recovery of its export sector.

Read More: Pakistan will not retaliate against Trump tariffs 

Meanwhile, Finance Minister Muhammad Aurangzeb has stated that Pakistan has no intention of retaliating against the tariffs imposed by the Donald Trump administration.

In an interview with the BBC, the finance minister acknowledged that Pakistan is indeed concerned about the Trump-era tariffs as they have created an atmosphere of uncertainty.

“We all need to think about how to move forward in this new world order, and I believe it is essential to engage in dialogue on this matter,” he said.

Responding to a question, Muhammad Aurangzeb clarified that if the question is whether Pakistan plans to respond with countermeasures, the answer is no.

Addressing concerns over Pakistan potentially suffering amid the ongoing US-China trade tensions, the finance minister noted that the United States has long been a strategic partner in trade and other sectors, but relations with China are equally important for Pakistan.

 

from ARY NEWS https://ift.tt/8qM5k96