Tag: PBS

  • Pakistan spends Rs179 billion for mobile phone import

    Pakistan spends Rs179 billion for mobile phone import

    ISLAMABAD: Pakistan has spent over Rs179 billion for import of mobile phones during July – May 2019/2020, which is 90 percent higher than the same period of the last fiscal year.

    According to Pakistan Bureau of Statistics (PBS), the country imported mobile phones worth Rs179 billion during first eleven months of the current fiscal year, which was Rs93.78 billion in the corresponding period of the last fiscal year.

    Market sources said that reduction in duty and taxes and restriction of registration with the Pakistan Telecommunication Authority (PTA) has increased the import of mobile phones through legal channels.

    The import of mobile phones in terms of US Dollars also increased to $1.14 billion during the period under review as compared with $698 million in the corresponding period of the last fiscal year.

    Despite imposition of lockdown in the country to prevent coronavirus, the country imported mobile phones worth Rs17.78 billion in May 2020, which is 127 percent higher when compared with Rs7.83 billion in April 2020.

    The market sources said that due to lockdown the importance of digital economy had increased. They said that financial transactions were being done through mobile phones, which were the easiest way.

  • Headline inflation increases by 8.2 percent in May

    Headline inflation increases by 8.2 percent in May

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.2 percent on year-on-year basis in May 2020 as compared to an increase of 8.5 percent in the previous month and 8.4 percent in May 2019, said Pakistan Bureau of Statistics (PBS) on Monday.

    On month-on-month basis, it increased by 0.3 percent in May 2020 as compared to a decrease of 0.8 percent in the previous month and an increase of 0.6 percent in May 2019.

    CPI inflation Urban, increased by 7.3 percent on year-on-year basis in May 2020 as compared to an increase of 7.7 percent in the previous month and 8.5 percent in May 2019.

    On month-on-month basis, it increased by 0.3 percent in May 2020 as compared to a decrease of 0.7 percent in the previous month and an increase of 0.7 percent in May 2019.

    CPI inflation Rural, increased by 9.7 percent on year-on-year basis in May 2020 as compared to an increase of 9.8 percent in the previous month and 8.3 percent in May 2019.

    On month-on-month basis, it increased by 0.3 percent in May 2020 as compared to a decrease of 1.1 percent in the previous month and an increase of 0.5 percent in May 2019.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 11.0 percent in May 2020 as compared to an increase of 9.3 percent a month earlier and an increase of 9.9 percent in May 2019.

    On MoM basis, it increased by 2.2 percent in May 2020 as compared to a decrease of 1.8 percent a month earlier and an increase of 0.6 percent in May 2019.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 1.5 percent in May 2020 as compared to an increase of 4.9 percent a month earlier and an increase of 16.5 percent in May 2019.

    WPI inflation on MoM basis decreased by 2.1 percent in May 2020 as compared to a decrease of 2.0 percent a month earlier and an increase of 1.2 percent in corresponding month of last year i.e. May 2019.

  • Textile exports post sharp 64 percent decline in April

    Textile exports post sharp 64 percent decline in April

    ISLAMABAD: The textile exports have witnessed massive 64 percent decline in April 2020 due to lower demand in foreign markets and cancellation of orders due to coronavirus outbreak.

    According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday, the textile exports recorded $403 million dollars in April 2020 as compared with $1.14 billion in the same month of the last year.

    The exports in April 2020 were also registered decline of 61 percent when compared with $1.04 billion in March 2020.

    The textile exports however registered 2.79 percent decline to $10.81 billion in first ten months (July – April) 2019/2020 as compared with $11.12 billion in the corresponding months of the last fiscal year.

    State Bank of Pakistan (SBP) in its second quarterly report on Pakistan Economy, stated that the outbreak of the virus in Europe and North America and the ensuing lockdowns may have an adverse impact on Pakistan’s exports.

    Further, domestic exporters have already warned of cancellation of orders as retail sales in destination markets weaken and port and shipping activities are restricted, the SBP noted.

  • Car import registers 148 percent growth amid coronavirus pandemic

    Car import registers 148 percent growth amid coronavirus pandemic

    KARACHI: Import of motor vehicles in completely built-up unit (CBU) condition registered phenomenal growth of 148 percent in April 2020 despite restrictions to foreign trade owing to lockdown for preventing coronavirus pandemic.

    According to data released by Pakistan Bureau of Statistics (PBS) the import of motor vehicles in CBU condition increased to $10.77 million in April 2020 as compared with $4.34 million in the same month of last year.

    Sources said that due to coronavirus pandemic many overseas Pakistanis opted to return homeland and they brought household along with them.

    It is interesting to note than due to the pandemic most of the imported goods registered massive decline in the month of April 2020 due to restrictions imposed on the foreign trade.

    Whereas, the lockdown imposed in the country not a single locally manufactured car was sold during April 2020.

    The commercial import of motor car is not allowed in Pakistan. However, overseas Pakistanis are allowed to bring motor car under three different ways including personal baggage, transfer of residence and gift schemes.

    The import of CBU motor vehicles registered 64.58 percent decline to $75.57 million during first ten months (July – April) 2019/2020 as compared with $23.37 million in the corresponding period of the last fiscal year.

    The overall decline in import of motor vehicles can be attributed to measures taken by the government to discourage misuse of the facility which is only allowed to overseas Pakistanis.

    Last fiscal year the government brought changes to these schemes and customs clearance of imported cars under these schemes only through payment made out of foreign exchange, which should be verified by banking system.

    Recently, the ministry of commerce through a SRO issued on December 30, 2019 amended in payment system for clearance of imported cars under which local resource could be utilized in case of shortage of payment due to enhancement of exchange rate fluctuation or enhancement in duty rate etc.

    The import of motor vehicles in completely knocked down (CKD) condition registered 40 percent decline to $405.6 million during first ten months of current fiscal year as compared with $678.76 million in the corresponding period of the last fiscal year.

    Industry sources said that the decline in motor vehicles in CKD condition was due imposition of duty and taxes in the last budget, which resulted in hike in prices of locally manufactured cars.

    Besides, slowdown in economy in pre-Covid and later imposition of lockdown to prevent coronavirus spread also discourage the sales of locally manufactured motor cars.

  • Exports fall by 54 percent in April amid COVID-19 pandemic

    Exports fall by 54 percent in April amid COVID-19 pandemic

    ISLAMABAD: Pakistan’s exports have declined by 54 percent in April 2020 owing to ongoing lockdown and cancellation of foreign orders.

    According to trade data released by Pakistan Bureau of Statistics (PBS) the exports were at $957 million in April 2020 as compared with $2.09 billion in the same month of the last year.

    The massive decline in exports can be attributed to cancellation of foreign orders due to outbreak of coronavirus. Besides, the manufacturing activities were remained halted due to lockdown to prevent the COVID-19 pandemic.

    The existing situation also reduced the import bill in the month under review. The imports fell by 34.5 percent to $3.09 billion in April 2020 as compared with $4.714 billion in April 2019.

    The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

    On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

    The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

  • Headline inflation contracts to 8.5 percent in April

    Headline inflation contracts to 8.5 percent in April

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) contracted to single digit i.e. 8.5 percent in April 2020 as compared with an increase of 10.2 percent in the previous month, Pakistan Bureau of Statistics (PBS) said on Friday.

    The PBS said that CPI inflation general increased by 8.5 percent on year-on-year basis in April 2020 as compared to an increase of 10.2 percent in the previous month and 8.3 percent in April 2019.

    On month-on-month basis, it decreased by 0.8 percent in April 2020 as compared to an increase of 0.04 percent in the previous month and an increase of 0.7 percent in April 2019.

    CPI inflation Urban increased by 7.7 percent on year-on-year basis in April 2020 as compared to an increase of 9.3 percent in the previous month and 8.4 percent in April 2019. On month-on-month basis, it decreased by 0.7 percent in April 2020 as compared to an increase of 0.1 percent in the previous month and an increase of 0.8 percent in April 2019.

    CPI inflation Rural, increased by 9.8 percent on year-on-year basis in April 2020 as compared to an increase of 11.7 percent in the previous month and 8.1 percent in April 2019. On month-on-month basis, it decreased by 1.1 percent in April 2020 as compared to a decrease of 0.1 percent in the previous month and an increase of 0.6 percent in April 2019.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 9.0 percent in April 2020 as compared to an increase of 11.8 percent a month earlier and an increase of 10.0 percent in April 2019.

    On MoM basis, it decreased by 2.0 percent in April 2020 as compared to a decrease of 0.3 percent a month earlier and an increase of 0.5 percent in April 2019.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 5.1 percent in April 2020 as compared to an increase of 9.2 percent a month earlier and an increase of 17.1 percent in April 2019.

    WPI inflation on MoM basis decreased by 2.1 percent in April 2020 as compared to a decrease of 0.9 percent a month earlier and an increase of 1.8 percent in corresponding month of last year i.e. April 2019.

  • Pakistan imports mobile phones worth Rs18.2 billion in March

    Pakistan imports mobile phones worth Rs18.2 billion in March

    KARACHI: Pakistanis have spent Rs18.2 billion for import of mobile phones in March 2020 despite the reality of business halt after lockdown to contain coronavirus.

    According to data released by Pakistan Bureau of Statistics (PBS), the import of mobile phones was at Rs18.2 billion in March 2020 as compared with Rs16.13 billion worth mobile phones imported in February 2020, which is 12.72 percent higher.

    The import is 65 percent is higher in the month of March 2020 when compared with Rs11 billion in the same month of the last year.

    Industry sources explained that the rise in import of mobile phones was due to return of many Pakistanis living abroad due to spread of coronavirus.

    They said overall import during the month contracted due to several restriction after the outbreak of coronavirus.

    The overall import of mobile phone increased by 107.76 percent to Rs153 billion in July – March 2019/2020 as compared with Rs73.64 billion in the corresponding period of the last fiscal year.

    The unprecedented growth during the period was due to strict enforcement against smuggling of mobile phones. Besides, registration through a platform provided by Pakistan Telecom Authority (PTA) also encouraged the use of registered mobile phones in the country.

  • Textile export falls by 18.4pc as COVID-19 affects global economies

    Textile export falls by 18.4pc as COVID-19 affects global economies

    KARACHI: The coronavirus pandemic (COVID-19) is taking its toll on Pakistani textile export as it fell by 18.40 percent in March 2020 as compared with previous month, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

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  • Import of old, used cars plunges by 69 percent in nine months

    Import of old, used cars plunges by 69 percent in nine months

    KARACHI: The import of used and old cars witnessed sharp decline of 69 percent during first nine months (July-March) of current fiscal year due to imposition of condition regarding payment of duty and taxes through foreign exchange.

    The import of used and old cars in Completely Built Unit (CBU) condition declined by 69 percent to $64.8 million during July – March 2019/2020 as compared with $209.03 million in the corresponding period of the last year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The commercial import of used or old cars is prohibited under prevailing laws of the country. However, in order to facilitate expatriate Pakistanis the government allows incentives to bring cars into the country.

    The Federal Board of Revenue (FBR) allowed Pakistani nationals residing abroad including dual nationals, can import old and used vehicles into Pakistan under these schemes, included: Personal Baggage; Gift Scheme; and Transfer of Residence.

    The cars not older than three years and other vehicles not older than five years can be imported under these schemes.

    In the past these schemes were misused and bulk of imported cars brought into the country.

    However, the ministry of commerce in February 2019 amended Import Policy Order, 2016 and made it mandatory for clearance of cars through foreign exchange, which should be certified by banks.

    Since then the clearance of the cars has come to a standstill. Customs authorities said that a large number of imported cars were at the port but importer had failed to make payment as per procedure prescribed by the ministry of commerce.

    However, in November 2019 a meeting of Economic Coordination Committee (ECC) decided to allow payment for duty and taxes for customs clearance of imported cars through local resources with condition that if foreign exchange becomes short due to currency fluctuations or change in duty and tax rates.

    The overall import of CBU vehicles during first nine months of current fiscal year fell 59 percent. The import of heavy vehicles including buses and trucks has declined by 39.32 percent. While import of CBU motorcycles fell by 74 percent.

    On the other hand the import of cars as Completely Knocked Down (CKD) condition also fell by 43 percent to $343.42 million during July – March 2019 as compared with $611.38 million in the same period of the last fiscal year.

    Massive depreciation in the local currency during past couple of years had increased the cost of local car manufacturers. Further, the rates of locally assembled cars for end consumers also jumped up sharply.

    These factors have reduced the productions of locally manufactured cars and subsequently reduced the import of cars in CKD condition.

    The overall import of vehicles in CKD fell by 42.16 percent to $545 million during first nine months of 2019/2020 as compared with $942 million in the corresponding period of the last fiscal year.

  • Import bill falls by 21 percent in March

    Import bill falls by 21 percent in March

    KARACHI: The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

    The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

    The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

    However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

    The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

    Industry experts said that the import and exports would face further adverse effect during remaining months of current fiscal year due to ongoing lockdown to contain coronavirus spread.