Pakistan benefiting from duty-free market access to US

[Edevelop]

ISLAMABAD - US imports from Pakistan under the Generalized System of Preferences (GSP) program, which offers duty-free market access to the United States, surged by 49% in 2012, reaching $195 million.
This represents one of the largest increases among all major GSP beneficiary countries,” said Deputy Assistant Trade Representative Bill Jackson during a presentation at the Islamabad Chamber of Commerce and Industry.
During a seminar for members of the Pakistani business community, US Deputy Assistant Trade Representative Bill Jackson explained how Pakistani exporters can further take advantage of duty-free access to the United States currently available for over 3,500 Pakistani products under the GSP programme.
The USTR identified all GSP-eligible products and highlighted how Pakistani exporters who are actively looking for potential U.S. buyers can use GSP to increase their exports to the United States.
Bill Jackson told participants, “Pakistan can grow its duty-free exports to the United States even more. Pakistan exported $3.6 billion worth of goods to the United States in 2012, yet only 5.7 per cent of that amount took advantage of the duty-free treatment available under the GSP Program. Pakistan, therefore, has the opportunity to expand its exports to the United States substantially under GSP.”
Citing an example of how Pakistani exporters can enhance sales to the United States under GSP, Jackson noted that Pakistani exports of gemstones, precious metals, and jewelry to the United States showed impressive growth of 300% in 2012 – totaling $32.4 million – following a previous training session that raised awareness about available market access. Gemstones, precious metals, and jewelry are among the many items eligible for duty-free treatment under the GSP Program.
Jackson advised Pakistani exporters of GSP-eligible products that there are several ways to make the most of the available tariff advantage. “First, consider using GSP as a marketing tool with US buyers. The US importers may be willing to buy new products from Pakistan or buy more of a particular product if they know that the item is eligible for duty-free treatment under GSP. Many US importers are also unaware that a product may be eligible. As a result, they often pay duties on these products even when they don’t need to do so,” he emphasized.
Among the GSP-eligible products from Pakistan on which duties were unnecessarily paid in 2012 were leather sports gloves, mittens, and mitts; certain non-cotton pillows, cushions, and similar furnishings; certain athletic articles and equipment; and miscellaneous iron and steel articles. - See more at: Pakistan benefiting from duty-free market access to US | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

Pakistan benefiting from duty-free market access to US | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

 

[AZADPAKISTAN2009]

Yeah when Pakistan Rupee is down , every little hill billy can buy more for the dollar thank you IMF loans

 

[RazorMC]

U.S.-Pakistan Trade Facts

Pakistan is currently our 59th largest goods trading partner with $5.8 billion in total (two way) goods trade during 2011. Goods exports totaled $2.0 billion; Goods imports totaled $3.8 billion. The U.S. goods trade deficit with Pakistan was $1.8 billion in 2011.

Exports

Pakistan was the United States' 62nd largest goods export market in 2011.

U.S. goods exports to Pakistan in 2011 were $2.0 billion, up 5.4 % ($102 million) from 2010, and up 333% from 2000.

The top export categories (2-digit HS) in 2011 were: Machinery ($294 million), Cotton, Yarn and Fabric ($263 million), Aircraft ($204 million), Arms and Ammunition ($160 million), Iron and Steel ($139 million).

U.S. exports of agricultural products to Pakistan totaled $503 million in 2011. Leading categories include: cotton ($258 million), dairy products ($41 million, and vegetable oils (excluding soybean oil) ($31 million).

Imports

Pakistan was the United States' 55th largest supplier of goods imports in 2011.

U.S. goods imports from Pakistan totaled $3.8 billion in 2011, a 9.2% increase ($321 million) from 2010, and up 77% from 2000.

The five largest import categories in 2011 were: Miscellaneous Textile Products ($1.4 billion), Knit Apparel ($1.2 billion), Woven Apparel ($468 million), Cotton and Yarn and Fabric ($182 million), and Leather ($86 million).

U.S. imports of agricultural products from Pakistan totaled $ 82 million in 2011. The leading category was: rice ($17 million).

Trade Balance

The U.S. goods trade deficit with Pakistan was $1.8 billion in 2011, a 13.6% increase ($219 million) over 2010.


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