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  • Trade deficit narrows by 11 percent in eight months

    Trade deficit narrows by 11 percent in eight months

    ISLAMABAD: The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday.

    The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of the last fiscal year.

    The import bill of the country was declined by 6.13 percent to $36.63 billion during first eight months of current fiscal year as compared with $39.03 billion in the same period of the last fiscal year.

    However, exports posted growth of 2 percent to $15.11 billion during the period under review as compared with $14.83 billion in the corresponding period of the last fiscal year.

    Experts said that the import bill of the country declined owing to several restrictions imposed by the government including condition of advance payment and regulatory duty on luxury and non-essential items.

    On the other side exports failed to reflect the incentives granted to manufacturing and export sector by the government.

    The trade deficit reduced sharply in February 2019 to $2.29 billion from the deficit of $2.86 billion in February 2018, showing decline of 20.12 percent.

    In the same period imports fell by 12.26 percent to $4.18 billion as compared with $4.76 billion in February 2018.

    The export growth was flat during the month to $1.88 billion as compared with $1.89 billion.


    Related Stories: Pakistan’s import bill declines by 19.14pc in January

  • Remittances surge by 12pc to $14.35 billion in eight months

    Remittances surge by 12pc to $14.35 billion in eight months

    KARACHI: The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year, State Bank of Pakistan (SBP) said on Monday.

    Overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of FY19, showing a growth of 11.82 percent compared with $12.83 billion received during the same period in the preceding year.

    During February 2019, the inflow of worker’s remittances amounted to $1576.51 million, which is 9.56 percent lower than January 2019 and 8.71 percent higher than February 2018.

    The country wise details for the month of February 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $370.04 million, $335.66 million, $240.80 million, $251.99 million, $152.25 million and $37.71 million respectively compared with the inflow of $348.31 million, $332.18 million, $207.27 million, $201.01 million, $149.4 million and $48.65 million respectively in February 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2019 amounted to $188.06 million together as against $163.35 million received in February 2018.

  • Pakistan emerges as ideal marked for investment

    Pakistan emerges as ideal marked for investment

    ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production on Sunday said that Pakistan has become a sought after destination for investment due to Government of Pakistan’s recently carved out investor friendly policies.

    He was addressing at Pakistan – Qatar Trade and Investment Conference that was held in Qatar on March 10, 2019.

    He also elaborated these policies of the government and lucrative incentives being provided to the foreign investors.

    Highlighting the recent economic stability and progressive on-going economic activities in the wake of CPEC; he stated: “Pakistan has emerged as an ideal market for investment.”

    Furthermore, he was of the view that improved security situation has also motivated foreign investors for their safe investments in Pakistan.

    He stated that trade volume between Pakistan and Qatar can be enhanced through increased business engagements.

    He encouraged Qatari investors to invest in Pakistan mainly in the areas related with real estate, hospitality, petro-chemical, food & agriculture etc.

    Qatari Minister of Commerce and Industry Ali Bin Ahmed Al-Kuwari welcomed Pakistani delegates and told that there were approximately 1450 companies mutually owned by businessmen from both sides.

    He further added that Qatari side is ready to invest in Pakistan and is open to provide a platform to the Pakistani investors to use their market for business both inside and outside Qatar.

    He expressed his desire to further the relationship of both sides in trade and investment through regular business exchanges, trade expose and official engagements.

    Haroon Sharif, Chairman, Board of Investment made a brief presentation highlighting the potential areas of investment in Pakistan.

    He reiterated Prime Minister Imran Khan’s statement that it is the best time for investment in Pakistan and the opportunity shall not be missed.

    Yousef Al-Jaidah, Chief Executive Officer of Qatar Financial Center shed light on the new emerging belt initiative which includes countries like Turkey, Kuwait, Iraq, Qatar, Oman, Malaysia and Pakistan.

    He stated that this initiative will further enhance the trade and investment ties amongst these countries.

    Pakistan Ambassador to the State of Qatar Syed Ahsan Raza Shah was also present on the occasion.

    The conference was followed by business to business (B to B) meetings of the businessmen participating from both sides.

  • SBP signs $2bn deposit pact with ADFD

    SBP signs $2bn deposit pact with ADFD

    KARACHI: State Bank of Pakistan (SBP) has signed $2 billion deposit agreement with Abu Dhabi Fund for Development, a statement said on Saturday.

    The agreement for the placement of the second tranche of US$ 2.0 billion by Abu Dhabi Fund for Development (ADFD) with the State Bank of Pakistan (SBP) has been signed between the SBP and the ADFD. These funds are expected to be received shortly by SBP.

    It may be recalled that the first tranche of US$ 1.0 billion has already been received by SBP in January 2019.

  • Prices of essential items increase by 11.72 percent: PBS

    Prices of essential items increase by 11.72 percent: PBS

    KARACHI: The prices of essential items increased by 11.72 percent by week ended March 07, 2019 when compared with the same week last year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    According to Sensitive Price Indicator (SPI) all the income groups had witnessed inflation for the period.

    The PBS computes the weekly SPI with base 2007-2008=100 covering 17 urban centers and 53 essential items for all income groups / quintiles and combined.

    The statistics have shown that price of tomatoes posted 308 percent growth to Rs128.42 per kilogram for the week under review as compared with Rs31.42/kg in the corresponding week of the last year.

    The price of LPG cylinder grew by 19 percent for the period. While prices of High Speed Diesel, Petrol and Kerosene Oil witnessed increase in their prices by 13.13 percent, 5.57 percent and 6.8 percent, respectively.

  • Forex reserves increase by $140 million to $14.956 billion

    Forex reserves increase by $140 million to $14.956 billion

    KARACHI: Pakistan’s liquid foreign exchange (forex) reserves witnessed a notable increase during the week ended March 1, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. The total forex reserves rose by $140 million, reaching $14.956 billion, compared to $14.816 billion recorded in the previous week.

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  • Company registration crosses over 95,500 by February

    Company registration crosses over 95,500 by February

    ISLAMABAD: Total company registration with Securities and Exchange Commission of Pakistan (SECP) has crossed 96,500 by end of February 2019.

    A statement issued by the SECP said that about 1,290 new companies were registered in February. As compared to the corresponding month of last financial year, it represents a growth of 26 percent raising the number of registered companies to 96,510.

    The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, one window facility for company incorporation and NTN generation, reduction of fee, assistance of incorporation by facilitation wings of CROs etc.

    Around 75 percent companies were registered as private limited companies, while around 22 percent were registered as single member companies. Three percent were registered as public unlisted companies and limited liability partnerships (LLP).

    The trading sector took the lead with the incorporation of 195 companies, construction with 166, services with 148, I.T. with 139, tourism with 119, food and beverages with 60, real estate development with 50, corporate agricultural farming with 45, education with 32, chemical, marketing and advertisement, and transport with 27 each, engineering, and fuel and energy with 24 each, pharmaceutical with 23, textile with 21, healthcare, and mining and quarrying with 20 each, communication with 15, auto and allied with 14, broadcasting and telecasting 13, logging 12, cables and electric goods with 11 and 58 companies were registered in other sectors.

    Foreign investment has been reported in 39 new companies. These companies have foreign investors from Argentina, China, Denmark, Germany, Jordan, Kenya, Korea South, Portugal, Russia, Singapore, Sweden and the US.

    The highest numbers of companies, i.e. 468 were registered in Islamabad, followed by 322 and 240 companies registered in Lahore and Karachi respectively.

    The CROs in Peshawar, Multan, Gilgit-Baltistan, Faisalabad, Quetta, and Sukkur registered, 81, 67, 45, 39, 24 and 4 companies respectively.

  • PM approves country’s first-ever National Tariff Policy

    PM approves country’s first-ever National Tariff Policy

    ISLAMABAD: Prime Minister Imran Khan on Wednesday approved the first-ever ‘National Tariff Policy’ which is aiming to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime.

    The draft policy, approved by the prime minister, would be presented before the Federal Cabinet for its consideration.

    Highlighting salient features of the policy, Secretary Commerce Mohammad Younus Dagha said that the major objectives of the National Tariff Policy (NTP), which has been drafted after detailed and comprehensive discussions with the stakeholders, is to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime and remove anomalies in tariff structure, causing distortions.

    Policy principles include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution.

    The new policy also envisages establishment of a broad-based Tariff Policy Center in the Ministry of Commerce to formulate proposals for improving tariff structure in pursuance of the objectives of the National Tariff Policy.

    The prime minister appreciated the efforts of commerce ministry in formulating a comprehensive tariff policy for the first time in the history of the country which, he said, will greatly restore confidence of the business community by providing for a transparent, predictable and institutionalized structure for tariff setting.

    The Prime Minister observed that the economy, especially the trade and industrial development suffered in past due to ad-hocism and unpredictability of tariff structure resulting in capture of the economy by vested interests and rampant corruption.

  • Headline inflation rises by 8.2 percent in February

    Headline inflation rises by 8.2 percent in February

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.2 percent on year-on-year basis in February 2019 as compared to an increase of 7.2 percent in the previous month.

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  • SPI inflation increases by 10.63 percent

    SPI inflation increases by 10.63 percent

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has increased by 10.63 percent by the week ended February 28, 2019, as compared with the corresponding week a year ago, according to details released by the Pakistan Bureau of Statistics (PBS) on Friday.

    The weekly SPI with base 2007-08=100 covering 17 urban centers and 53 essential items for all income groups/quintiles and combined has been computed.

    According to the PBS, inflation increased by 7.40 percent over the year for the lower-income group up to Rs8,000.

    The detail of inflation for other income is: 7.63 percent for income group Rs8001-120000; Rs7.62 percent for income group Rs12001-18000; 11.57 percent for income group Rs18001-35000; and 14.93 percent for income group above Rs35000.

    The basic items which witnessed significant growth in prices over the year are included: telephone calls; high-speed diesel; washing soap; gas charges; fabric-cloth; cigarettes; red chilli; cooking oil etc.