ISLAMABAD, March 13: The United States accounted for nearly one-quarter (24.6 per cent) of the total export earnings of Pakistan during the period July-January 2002-03, according to the foreign trade figures compiled by the Ministry of Commerce.

As a result, the United States retained the top position among the 15 major markets that welcome 70 per cent of our total exports. They, in descending order of contributions to the export earnings of Pakistan after the US, are: Dubai, the UK, Germany, Hong Kong, Saudi Arabia, France, Italy, the Netherlands, China, Belgium and Korea.

Out of nearly $5.20 billion worth of world-wide exports of Pakistan, the exports of merchandise to the United States amounted to about $1.28 billion, as against $1.11 billion during the corresponding period of previous year, denoting an increase of 14.2 per cent.

In spite of this impressive growth rate, the US share in overall exports registered a slight decline during the first seven months of the current financial year. Even the slightly reduced share is, however, in consonance with the trend of our trade with the US recorded over the past five years.

In fact, Pakistan’s exports to that country have been rising steadily since 1997-98. After jumping by nearly 3% from 17.7% in 1996-97, it rose to 20.5% in 1997-98, 21.8% in 1998-99 and to 24.88%. During July-January 2001-02, it swelled further to 25.1%.

As with other destinations of exports, there is little diversification where the nature of exports is concerned. The major exports to the US include cotton cloth, readymade garments, bedwears, madeups and knitwear. These four items fetched $923 million which is 72 per cent of our total exports to that country.

The pattern of export ties with five other major markets, which together with the US, absorbed 54.3% of Pakistan’s total exports is discussed below:

Dubai has displaced the United Kingdom as the second biggest market for Pakistan’s exports. Comparative data for previous years shows a steady rise in export flows to that country. Its share in Pakistan’s exports during 1996-97 was only 4.6%; it was 5.0% in 1997-98, 5.4% in 1998-99, and 5.7% in 1999-2000.

During the seven-month period under review, Pakistan’s exports to Dubai amounted to $410.4 million. This is 26.7% more than the export figure of $324.0 million for the same period of previous year.

As a result, Dubai’s share in the total exports moved from about 7.27% to 7.9%. Major exports to Dubai were rice basmati, artsilk & synthetic textile, petroleum products, bedwear, readymade garments and cotton cloth. These items accounted for 62 per cent ($254 million) of Pakistan’s total exports to Dubai, according to the figures for the period July-December 2002.

UNITED KINGDOM: The third largest export market of Pakistan. The goods exported there in July-December 2002, were worth $388.8 million, recording a growth rate of 5.5% over the same period of previous year ($336.6% million).