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Tag: import bill

  • Pakistan’s imports hit record high at $65.47 bn in 10 months

    Pakistan’s imports hit record high at $65.47 bn in 10 months

    ISLAMABAD: Pakistan’s imports reached to record high at $65.49 billion during first 10 months (July – April) 2021/2022, according to data released by Pakistan Bureau of Statistics (PBS).

    The import bill increased by 46.41 per cent to $65.47 billion during first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the current fiscal year.

    READ MORE: Pakistan’s March trade deficit widens by only 5.5%

    On the other hand, the exports of the country registered a growth of 25.46 per cent to $26.23 billion during the period under review as compared with $20.9 billion in the same period of the last fiscal year.

    The trade deficit sharply widened by 64.79 per cent to $39.26 billion during July – April 2021/2022 as compared with $23.83 billion in the corresponding period of the last fiscal year.

    READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22

    The exports of the country recorded an increase of 29.53 per cent to $2.87 billion in the month of April 2022 as compared with $2.22 billion in the same month of the last year.

    The import bill in April 2022 recorded an increase of 26.19 per cent to $6.62 billion as compared with $5.42 billion in the same month last year.

    The trade deficit ballooned by 23.74 per cent to $3.74 billion in April 2022 as compared with $3.02 billion in April 2021.

    READ MORE: Pakistan’s trade deficit widens by 92% in seven months

    Similarly, the exports recorded an increase of 3.27 per cent to $2.87 billion in April 2022 when compared with $2.78 billion in March 2022.

    The import bill recorded an increase of 2.96 per cent to $6.62 billion in April 2022 as compared with $6.43 billion in the preceding month.

    The trade deficit widened by 2.72 per cent to $3.74 billion in April 2022 when compared with $3.64 billion in March 2022.

    READ MORE: Pakistan’s trade deficit swells by 100% in 1HFY22

  • Pakistan’s trade deficit swells by 100% in 1HFY22

    Pakistan’s trade deficit swells by 100% in 1HFY22

    ISLAMABAD: Pakistan’s trade deficit has doubled to $24.8 billion during first half (July – December) of 2021/2022 1HFY22. The trade deficit was $12.36 billion in the same half of the last fiscal year.

    The import bill of the country surged by 63 per cent to $40 billion during the first half of the current fiscal year as compared with $24.47 billion in the same half of the last fiscal year, according to data shared by Arif Habib Limited.

    READ MORE: Pakistan’s trade deficit widens by 112% to $20.59 billion

    The exports registered a growth of 25 per cent to $15.13 billion during first six months of the current fiscal year as compared with $12.11 billion in the corresponding months of the last fiscal year.

    The trade deficit for the month of December 2021 contracted by 18 per cent to $4.14 billion as compared with $5.03 billion in November 2021.

    READ MORE: Pakistan’s import bill surges by 65% in four months

    Import bill of the country declined by 13 per cent to $6.9 billion in December 2021 as compared with $7.93 billion in November 2021. Meanwhile exports of the country also fell by five per cent to $2.76 billion in December 2021 as compared with $2.9 billion in November 2021.

    READ MORE: Pakistan’s trade deficit doubles in first quarter

  • Pakistan’s trade deficit widens by 112% to $20.59 billion

    Pakistan’s trade deficit widens by 112% to $20.59 billion

    ISLAMABAD: Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – November) of the current fiscal year 2021/2022, according to official data released on Thursday.

    The trade deficit was at $9.72 billion in the same months of the last fiscal year, revealed by the data released by the Pakistan Bureau of Statistics (PBS).

    Pakistan’s import bill surged by 69.17 per cent to $32.934 billion during July – November 2021/2022 as compared with $19.468 billion in the same period of the last fiscal year.

    The exports of the country also exhibited by 26.68 per cent to $12.344 billion during the period under review as compared with $9.744 billion in the corresponding period of the last fiscal year.

    The country reported $4.963 billion as trade deficit for the month of November 2021. The trade deficit has swelled by 134 per cent in November 2021 as compared with the deficit of $2.121 billion in the same month of the last year.

    The import bill registered a phenomenal growth of 82.83 per cent to $7.847 billion in November 2021 as compared with $4.292 billion in the same month of the last year.

    The exports also grew by 33 per cent to $2.884 billion in November 2021 as compared with $2.171 billion in the same month of the last year.

    Pakistan’s import bill surges by 65% in four months
  • PM Adviser directs to reduce luxury items import

    PM Adviser directs to reduce luxury items import

    ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items.

    He was presiding over a meeting to review the balance of trade at Finance Division on Thursday.

    Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Adviser to the PM on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Governor State Bank of Pakistan (SBP), Chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.

    The meeting reviewed and discussed the import bill for the last five months- July to Nov 2021.

    It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.

    The forum also noted that high import of vaccine contributed significantly to the rise in import bill.

    Moreover, it was informed that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.

    At the conclusion, the Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.

    IMF Board to approve $1.059bn by Jan 12, 2022: Tarin
  • Pakistan to emerge as food surplus country: PM Imran

    Pakistan to emerge as food surplus country: PM Imran

    ISLAMABAD: Prime Minister Imran Khan has said that Pakistan will emerge from a food deficit to a food surplus country.

    The prime minister on Sunday said that the prices of oil, gas and edible oil were not in the government’s control. “However the owing to the record crops this year, Pakistan would emerge from a food deficit to a food surplus country.”

    He said that Pakistan had comparatively managed “much better” than other countries amidst unprecedented price hike of commodities caused by the COVID lockdown.

    In a Tweet, the prime minister said that an unprecedented rise in commodity prices internationally had adversely affected most countries in the world as a result of the COVID lockdowns.

    However, he said, “Pakistan MashaAllah has fared relatively much better.”

    Quoting the data of Food and Agriculture Organization, he said from September to October this year, food prices increased by 1.9 per cent, World Cereal Index by 3.2 per cent, edible oil prices by 9.6 per cent, and dairy products by 2.6 per cent.

    However, he said despite the worldwide inflation trend, Pakistan’s exports recorded an increase of 17 per cent in October and are likely to touch $30 billion mark this year. Textile exports are expected to reach $22 billion this year.

    He said consequent to the government’s timely measures, the non-oil imports of the country reduced by 12.5 per cent last month making a difference of $750 million.

    He said due to increasing income, tax collection also surged with 32 per cent increase in four months making the government to receive additional Rs 151 billion compared to last year.

    He said according to the latest data, country’s cotton crop increased by 81 per cent during the last four months. In August, the industry recorded a growth of over 12 per cent and companies’ profits by 21 per cent.

    “All this shows that the country’s economy is heading fast and employment would be required in the coming days,” the spokesperson commented.

    Addressing a question about any relief for the middle class in PM’s recently announced Rs 120 billion relief package, he said the government had already announced a concession of Rs5-7 on every electricity unit to be consumed more than the previous year’s consumption during November to February.

    Moreover, he said the sugar prices would fall in the near future owing to record sugarcane crop.

    “All these things will appear on the ground in coming days,” he remarked.

  • PKR derails to make record low at Rs172.78 to dollar

    PKR derails to make record low at Rs172.78 to dollar

    KARACHI: The Pak Rupee (PKR) derailed against dollar on Monday and fell to a new all-time low of Rs172.78 in the interbank foreign exchange market.

    The rupee fell by Rs1.6 to end at Rs178.78 to a dollar from last Friday’s closing of Rs171.18 in the interbank foreign exchange market.

    Currency experts said that the market was opened after two days holidays. Further a public holiday on October 19, 2021 put pressure on dollar demand.

    They said that huge import bill during first quarter of the current fiscal year pushed up the dollar demand. The import bill of the country recorded an increase of 66.11 per cent during first quarter (July – September) 2021. The country has spent foreign exchange to the tune of $18.75 billion during first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

    The oil import bill is the major reason for the massive depreciation in the local currency. The oil import bill registered a phenomenal growth of 97 per cent to $4.59 billion during the first quarter of the current fiscal year as compared with $2.33 billion in the corresponding quarter of the last fiscal year.

    Dollar retreats from all time high against PKR
  • Import bill sharply grows by 70pc in March

    Import bill sharply grows by 70pc in March

    ISLAMABAD: The import bill has recorded an unprecedented growth of 70 percent in March 2021 as compared with the same month of the last year, according to data released by Pakistan Bureau of Statistics (PBS).

    The country spent $5.63 billion on the imports during March 2021 as compared with $3.31 billion in the same month of the last year.

    Experts attributed the phenomenal rise in import bill during March 2021 due to significant decline in foreign trade in the same month of the last year because of restrictions imposed after coronavirus spread.

    In March 2020 the government put a complete lockdown throughout the country in order to prevent spread of COVID-19.

    Similarly in the month of March 2021, the exports recorded a sharp increase of 30.44 percent to $2.36 billion as compared with $1.81 billion in the same month of the last year.

    Pakistan’s trade deficit has widened by 20 percent in first nine months (July – March) 2020/2021 owing to surge in import bill after ease in coronavirus related restrictions.

    The trade deficit ballooned to $20.83 billion during first nine months of the current fiscal year as compared with $17.35 billion in the corresponding period of the last fiscal year.

    The import bill for the period of July – March 2020/2021 increased to $39.51 billion as compared with $34.79 billion in the corresponding period of the last fiscal year, showing a rise of 13.57 percent.

    On the other hand exports also increased by 7.12 percent to $18.68 billion during the first nine months of the current fiscal year as compared with $17.44 billion in the corresponding period of the last fiscal year.

  • Pakistan’s trade deficit widens by 8.27 percent to $14.96 billion in July – January

    Pakistan’s trade deficit widens by 8.27 percent to $14.96 billion in July – January

    ISLAMABAD: Pakistan’s trade deficit has surged by 8.27 percent to $14.96 billion during the first seven months (July – January) of the 2020/2021 fiscal year, propelled by an uptick in import bills following improved economic activities.

    (more…)
  • Pakistan’s exports grow by 2.11 percent in five months

    Pakistan’s exports grow by 2.11 percent in five months

    ISLAMABAD: Pakistan’s exports have shown resilience amidst global economic challenges, recording a 2.11% increase to $9.737 billion in the first five months (July – November) of the current fiscal year 2020/2021, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.

    (more…)
  • Significant decline in import bill sharply narrows trade deficit by 35 percent in first quarter

    Significant decline in import bill sharply narrows trade deficit by 35 percent in first quarter

    ISLAMABAD: Significant decline in import bill helped to sharply narrow the trade deficit by 35 percent during first quarter of current fiscal year, according to data released Pakistan Bureau of Statistics (PBS) on Friday.

    The trade deficit narrowed by 35 percent to $5.72 billion during July – September 2019 of current fiscal year as compared with deficit of $8.79 billion in the corresponding period of the last fiscal year.

    The total import bill of the country fell by 21 percent to $11.25 billion during first quarter of the current fiscal year as compared with $14.16 billion in the same period of the last fiscal year.

    Meanwhile, the exports have posted 3 percent growth to $5.52 billion during July – September 2019 as compared with $5.37 billion in the same period of the last fiscal year.