ISLAMABAD: Pakistan’s trade deficit contracted by 33 per cent to $21.3 billion during first eight months (July – February) of fiscal year 2022-2023, according to official numbers released on Friday.
(more…)Tag: Pakistan Bureau of Statistics
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Pakistan trade deficit narrows by 32pc in 7MFY23
KARACHI: Trade deficit of Pakistan narrowed by 32 per cent during first seven months of the current fiscal year 7MFY23, according to official data released on Thursday.
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Pakistan headline inflation increases by 27.6pc in January 2023
ISLAMABAD: Pakistan’s headline inflation based on Consumer Price Index (CPI) increased by 27.6 per cent in January 2023, said Pakistan Bureau of Statistics (PBS) on Wednesday.
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Pakistan imports mobile phones worth $363 million amid worst forex crisis
KARACHI: Pakistan has imported mobile phones worth $363 million during first half (July – December) of fiscal year 2022-2023 despite fact of worth foreign exchange crisis in the country.
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Prices of essential items shoot up by 32pc ahead monetary policy announcement
ISLAMABAD: Prices of essential items have increased by 32 per cent ahead of monetary policy announcement, which is scheduled for January 23, 2023.
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Pakistan’s exports decline by 5.8pc in 1HFY23
ISLAMABAD: Pakistan’s exports have declined by 5.8 per cent in the first half (July – December) of fiscal year 2022-2023, according to official trade data released on Tuesday.
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Pakistan headline inflation increases by 24.5pc in December 2022
ISLAMABAD: The headline inflation of Pakistan based on Consumer Price Index (CPI) increased by 24.5 per cent Year on Year (YoY) in December 2022 as compared to an increase of 23.8 per cent
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Pakistan car imports surge by 108pc as restriction eases
Car imports into Pakistan have surged by 108 per cent Month on Month (MoM) in October 2022 owing to ease in restrictions by the government.
The import of motor cars in Completely Built Unit (CBU) into Pakistan increased to $2.70 million in October 2022 as compared with $1.3 million in previous month i.e. September 2022, according to Pakistan Bureau of Statistics (PBS).
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The increase in import of CBU cars may be attributed to relaxation in import condition by the government. A complete ban was imposed in May 2022 on import of luxury and non-essential items. However, this ban was relaxed on August 20, 2022.
However, there are still some restrictions on the import which resulted in 90 per cent to $27.83 million in October 2021 when compared with the latest number of October 2022.
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Cumulatively, the import of CBU cars plunged by 81 per cent to $23.72 million in first four months (July – October) of current fiscal year 2022-2023 as compared with $123.53 million in the corresponding period of the last fiscal year.
Total import of CBU vehicles recorded a decline of over 58 per cent to $89.66 million in first four months of the current fiscal year as compared with $216 million in the corresponding months of the last fiscal year.
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The import of motor cars in Completely Knocked Down (CKD) recorded an increase of 12.47 per cent to $103.47 million in October 2022 when compared with $92 million in September 2022. It decreased by 8 per cent when compared with $112.32 million in October 2021.
Cumulatively, the import of CKD cars recorded a decline of 31.55 per cent to $355.74 million during first four months of the current fiscal year when compared with $520 million in the corresponding months of the last fiscal year.
Overall import of CKD vehicles fell by 33.51 per cent to $507 million during the period under review when compared with $762 million in the same period of the last year.
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Pakistan’s import restrictions help narrowing trade deficit by 27%
ISLAMABAD: Import restrictions imposed by Pakistan resulted in massive 27 per cent contractions in trade deficit during first four months (July – October) 2022/2023, according to official data released on Wednesday.
The trade deficit narrowed to $11.47 billion during first four months of the current fiscal year as compared with the deficit of $15.62 billion in the corresponding months of the last fiscal year, Pakistan Bureau of Statistics (PBS) said.
READ MORE: Pakistan import bill falls by 12.72% in 1QFY23
The trade deficit contraction is largely sharp decrease in import bill of the country during the period under review. Import payment of the country were at $21.02 billion during July – October 2022/2023 as compared with $25.08 billion in the same period of the last fiscal year.
The fall in import bill may be attributed to restrictions imposed by the government regarding opening of letter of credit. Recently, Finance Minister Ishaq Dar had announced to increase the threshold payment for LCs from $50,000 to $100,000. Industry sources said that due to scarcity of dollars in the market, most of the banks were not opening LCs for import payments.
READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23
Exports of the country, however, grew with a small margin during the period. The exports recorded increase to $9.55 billion during first four months of the current fiscal year as compared with $9.46 billion in the same months of the last fiscal year.
The trade deficit recorded a contraction of 42 per cent in the month of October 2022 when compared with same month of the last year. The trade deficit fell to $2.26 billion in October 2022 when compared with the deficit of $3.9 billion in the same month of the last year.
READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022
The import bill plummeted by 27 per cent to $4.63 billion in the month of October 2022 when compared with $6.37 billion in the same month of the last year.
On the other hand, exports also fell by 3.77 per cent to $2.37 billion in the month under review as compared with $2.46 billion in the corresponding month of the last year.
READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022
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Headline inflation surges by 26.6% in October 2022
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) registered an increase of 26.6 per cent in the month of October 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Tuesday.
The details showed that CPI inflation general increased to 26.6 per cent on a year-on-year basis in October 2022 as compared to an increase of 23.2 per cent in the previous month and 9.2 per cent in October 2021. On a month-on-month basis, it increased to 4.7 per cent in October 2022 as compared to a decrease of 1.2 per cent in the previous month and an increase of 1.9 per cent in October 2021.
READ MORE: Pakistan’s headline inflation rises 23.2% in September 2022
CPI inflation Urban, increased to 24.6 per cent on year-on-year basis in October 2022 as compared to an increase of 21.2 per cent in the previous month and 9.6 per cent in October 2021. On month-on-month basis, it increased to 4.5 per cent in October 2022 as compared to a decrease of 2.1 per cent in the previous month and an increase of 1.7 per cent in October 2021.
CPI inflation Rural, increased to 29.5 per cent on year-on-year basis in October 2022 as compared to an increase of 26.1 per cent in the previous month and 8.7 per cent in October 2021. On month-on-month basis, it increased to 5.0 per cent in October 2022 as compared to an increase of 0.2 per cent in the previous month and an increase of 2.2 per cent in October 2021.
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Sensitive Price Indicator (SPI) inflation on YoY increased to 24.0 per cent in October 2022 as compared to an increase of 28.6 per cent a month earlier and an increase of 15.3 per cent in October 2021. On MoM basis, it decreased by 1.5 per cent in October 2022 as compared to a decrease of 1.4 per cent a month earlier and an increase of 2.1 per cent in October 2021.
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Wholesale Price Index (WPI) inflation on YoY basis increased to 32.6 per cent in October 2022 as compared to an increase of 38.9 per cent a month earlier and an increase of 21.2 per cent in October 2021. On MoM basis, it decreased by 0.5 per cent in October 2022 as compared to an increase of 1.4 per cent a month earlier and an increase of 4.2 per cent in corresponding month i.e. October 2021.
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