Bilateral trade between Pakistan and the United States reached a record high in 2018, with two-way trade worth $6.8 billion. Pakistan`s exports to the United States totaled $3.8 billion, while imports were $2.9 billion. The United States is one of the few countries with which Pakistan has a trade surplus of nearly $969.0 million in 2018. However, this surplus is declining due to continued increase in imports, while exports continue to slow. In 2018, 78.0% of Pakistan`s exports to the United States include textiles and textile products (SH-50 to HS-63), including 73.0 percent of clothing and other textile products. The report was also the subject of an analysis of opportunities from the Pakistani perspective of the US government`s decision to withdraw GSP status from India. In March 2019, the U.S. government decided to withdraw trade concessions to India, the main beneficiary of the GSP, citing India`s protectionist measures to limit market access for U.S. producers. However, an analysis of India`s top 20 GSP exports to the United States, shown in Table 42, shows that even if India`s GSP status were completely removed, Pakistan would only be able to transfer $24.0 million worth of goods to the United States – only 1.0 percent from Pakistan`s total exports of $23.6 billion. Starting in 2018, the United States imported more than $119.3 billion in textile products (HS-50 to HS-63) from the world, of which $102.9 billion was classified under clothing and interior textiles (HS-61 to HS-63). Given that textiles account for 78.2% of Total Pakistani exports to the United States, the signing of a trade agreement could likely open up the textile market to Pakistani producers. The majority of Pakistani textile exports to the United States are cotton-based, where there is potential for increased exports.
Therefore, Table 53 was based on the size of the demand for textile imports into the United States and Pakistan`s ability to supply these peak imports. Table 53 can be used to develop a list of textile items that PBC recommends engaging in possible future negotiations on a trade agreement with the United States. In addition to some important cotton-based items, it should be noted that 32 of the 50 most important items in the table are made from chemical fibres, of which Pakistan has an insignificant share of less than 1.0% for the majority of the items listed. As a result, with the continued increase in demand for money finance products, whose share of cotton in the global textile market fell to less than 27.0% in 2016, Pakistani producers must develop the industry`s ability to manufacture synthetic fibre textiles and enter the global synthetic or artificial fibre (MMF) market. , which has long outstapped the demand for cotton products. Pakistan is currently our 56th largest trading partner for goods, with a total of $6.6 billion (two or two) merchandise trade in 2019. Exports of goods totaled $2.6 billion; Imports of goods amounted to $3.9 billion. The U.S. trade deficit with Pakistan was $1.3 billion in 2019. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements.
This report contains a section on the U.S. soybean industry, with a particular focus on Pakistan as an importer of U.S. soybeans. Currently, Pakistan imports more than US$657.0 million and 273.0 million soybeans from Brazil. In recent months, after the U.S.-China trade war, U.S. soybean prices have fallen dramatically and allowed Pakistan to end its import bill by diverting its import demand from Brazil to the states.