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Pakistan is considered as a developing country and is one of the Next Eleven, the eleven countries that, along with the BRICs, have a high potential to become the world's largest economies in the 21st century.
Pakistan is a net food exporter, except in occasional years when its harvest is adversely affected by droughts. Pakistan exports rice, cotton, fish, fruits (especially oranges and mangoes), and vegetables. The country is Asia's largest camel market, second-largest apricot and ghee market and third-largest cotton, onion and milk market.
Pakistan's industrial sector accounts for about 24% of GDP. Cotton textile production and apparel manufacturing are Pakistan's largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. Other major industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, and food processing.
The textile industry has the main position in the exports of Pakistan. Pakistan is the 8th largest exporter of textile products in Asia. Pakistan is the 4th largest producer of cotton with the third largest spinning capacity in Asia after China and India, and contributes 5% to the global spinning capacity. China is the second largest buyer of Pakistani textiles, importing US$1.527 billion of textiles last fiscal. China buys cotton yarn and cotton fabric from Pakistan.
Pakistan is one of the largest producers of natural commodities, and its labour market is the 10th largest in the world. Pakistan's main export partners are Afghanistan, China, France, Germany, Italy, South Korea, Turkey, United Arab Emirates, United Kingdom, United States.
Pakistan's main exports are:
- House Linens
- Non-Retail Pure Cotton Yarn
- Non-Knit Suits
- Refined Petroleum
- Leather Apparel
- Knit Sweaters
Pakistan is a rapidly developing country and is one of the Next Eleven, the eleven countries that, along with the BRICs, have a high potential to become the world's largest economies in the 21st century. However, after decades of social instability, as of 2013, serious deficiencies in macromangament and unbalanced economics in basic services such as train transportation and electrical energy generation had developed.
The economy of Pakistan is semi-industrialized, with centers of growth along the Indus River. According to the World Bank, Pakistan has important strategic endowments and development potential. The increasing proportion of Pakistan's youth provides the country with a potential demographic dividend and a challenge to provide adequate services and employment.
Pakistan's economy is the 26th largest in the world in terms of purchasing power parity (PPP), and 41st largest in terms of nominal Gross Domestic Product. Pakistan's undocumented economy is estimated to be 36% of it's over all economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and has a potential to become one of the world's large economies in the 21st century.
The Government of Pakistan has granted numerous incentives to technology companies wishing to do business in Pakistan. A combination of decade-plus tax holidays, zero duties on computer imports, government incentives for venture capital and a variety of programs for subsidizing technical education, are intended there.
Major imports of Pakistan are mineral fuels and manufactured goods. Others include beverage, tobacco, petroleum and petroleum products, vegetable oil, chemicals, fertilizer, capital goods, wheat, pulses, consumer foods and industrial raw materials. Major trade and import partners of Pakistan are China, United Arab Emirates and Saudi Arabia.
Pakistan's main imports are:
- Refined Petroleum
- Crude Petroleum
- Palm Oil
- Coal Briquettes
- Scrap Iron
- Broadcasting Equipment
- Raw Cotton
- Cyclic Hydrocarbons