Federation of Pakistan Chambers of Commerce & Industry (FPCCI) will sign a trade economic cooperation agreement with the Greater New York Chamber of Commerce (GNYCC) in September 2018 to capitalise on declining Chinese textile exports to US.
As per official figures, Chinese textile and apparel exports to US are declining while Pakistan’s textile exports surged by 4.0 percent and apparels exports surged by 7.0 percent in May 2018. The US is one of the largest trading partners of Pakistan. However, the export base of Pakistan is narrow with heavy reliance on textiles and apparels for export earnings. China, Mexico, India, Vietnam, Indonesia, and Bangladesh are the main trading competitors of Pakistan in terms of its exports to the US.
In terms of textile and apparel exports, Pakistan continued to remain at seventh position last fiscal having 2.57 percent share in US’s overall imports to these products.
