Over 63% surplus witnessed in Pak-US trade: SBP

By Ali Imran

ISLAMABAD: Pakistan’s goods and services trade with United State of America (USA) witnessed surplus of 63.58 percent during first month of current financial year (2021-22) as compared to the corresponding period of last year.
The overall exports to USA were recorded at $ 503.118 million during July (2021-22) against exports of $337.228 million during July (2020-21), showing growth of 49.19 percent, SBP data revealed.
Overall Pakistan’s exports to all countries also witnessed an increase of 19.73 percent in first month, from $1.885 billion to $2.257 billion, the SBP data said.
On the other hand, the imports from US during the period under review were recorded at $231.166 million against $170.985 million last year, showing an increase of 35.19 percent in July (2021-22).
The overall imports rose by 51.70 percent, from $3.557 billion to $5.396 billion, according to the data. The trade surplus during the period under review was recorded at $271.952 million against $166.243 million during same period of last year, showing 63.58 percent growth. Commerce Adviser Abdul Razak Dawood said on Wednesday said the government would take exports to record levels by 2023 by providing a better business environment for the industrial sector in the country,.
Addressing the launching ceremony of Seventh Reform Action Plan organised by the Board of Investment (BoI), the adviser to the prime minister said improving Pakistan’s Ease of Doing Business (EoDB) ranking will boost foreign investment in the country. “Pakistan’s rise in the last two years from 148 points to 108 points in the World Bank’s EoDB rankings report is a milestone in the growth of foreign investment in the country,” he said.
“One of our main areas is to work on improving the country’s EoBD ranking to provide a better business environment for foreign and local investment in the country. Besides this the government is also committed to decrease the cost of doing business in the country,” he added.