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Tag: PBS

  • Trade deficit narrows by 26.52% in July – February

    Trade deficit narrows by 26.52% in July – February

    ISLAMABAD: The trade deficit has narrowed by 26.52 percent in first eight months (July – February) 2019/2020 owing to fall in import bill.

    The trade deficit reduced to $15.773 billion during first eight months of current fiscal year as compared with the deficit of $21.467 billion in the corresponding months of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The import bill significantly reduced by 14.06 percent during the period. The import bill of the country was at $31.42 billion during July – February 2019/2020 as compared with $36.563 billion in the corresponding period of the last fiscal year.

    The exports of the country also increased by 3.65 percent during the period under review. The exports grew to $15.648 billion during first eight months of current fiscal year as compared with $15.097 billion in the same period of the last fiscal year.

    The exports however increased by 13.82 percent to $2.14 billion in February 2020 as compared with $1.88 billion in the same month of the last year.

    The imports in February 2020 fell by 1.71 percent to $4.073 billion as compared with $4.144 billion in the same month of the last year.

    The trade deficit for the month of February 2020 was at reduced by 14.61 percent to $1.93 billion as compared with the deficit of $2.263 billion in the same month of the last year.

  • Mobile phone import climbs up by 79.46% in seven months

    Mobile phone import climbs up by 79.46% in seven months

    KARACHI: The import of mobile phones has surged by 79.46 percent during first seven months (July – January) of current fiscal year owing to reduction in tax rate by the government to promote digital economy.

    The import of mobile phones increased to $760.58 million during first seven months of current fiscal year as compared with $423.82 million in the corresponding months of the last fiscal year, according to import data released by Pakistan Bureau of Statistics (PBS).

    The government announced Tax Laws (Second Amendment) Ordinance, 2019 on December 28, 2019 through presidential order.

    Prior to the promulgation of the Tax Laws (Second Amendment) Ordinance,2019 the rate of withholding income tax on the import of mobile phones was Rs.730 in case of a mobile phones having value exceeding 30 UD dollars and up to 100 US Dollars.

    In order to complement the efforts of the government towards promotion of financial inclusion, e-commerce etc, income tax at the import stage in respect of mobile phones having value exceeding 30US dollars and up to 100US dollars has been reduced from Rs.730 to Rs.100 per mobile phone.

  • Import of used cars plunges by 77% in seven months

    Import of used cars plunges by 77% in seven months

    KARACHI: The import of used and old cars plunged by 77 percent during first seven months (July-January) of 2019/2020 due to condition of payment of duty and taxes through foreign exchange imposed by the government.

    The import of used and old cars in Completely Built Unit (CBU) condition fell by 77 percent to $43.64 million during July – January 2019/2020 as compared with $193.43 million in the corresponding period of the last year, according data released by Pakistan Bureau of Statistics (PBS) on Monday.

    The commercial import of used or old cars is not allowed 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) has allowed Pakistani nationals residing abroad including dual nationals can import old and used vehicles into Pakistan under these schemes: 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 grossly 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 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 Completely Built Unit (CBU) vehicles during first seven months of current fiscal year fell 71 percent. The import of heavy vehicles including buses and trucks has declined by 59 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 46.46 percent to $261 million during July – January 2019/2020 as compared with $487.6 million in the same period of the last fiscal year.

    Industry sources said that 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 45.58 percent to $417.2 million during first seven months of 2019/2020 as compared with $766.54 million in the corresponding period of the last fiscal year.

  • PBS rules out fudging in inflation figures

    PBS rules out fudging in inflation figures

    ISLAMABAD – The Pakistan Bureau of Statistics (PBS) categorically rejected allegations of fudging in inflation figures, addressing concerns raised in some sections of the electronic and print media.

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  • Trade deficit narrows by 28.4% in July – January

    Trade deficit narrows by 28.4% in July – January

    KARACHI: Pakistan’s trade deficit narrowed sharply by 28.40 percent during first seven months (July – January) 2019/2020 owing to significant decline in import bill.

    According to trade data released by Pakistan Bureau of Statistics (PBS), the trade deficit shrank to $13.75 billion during first seven months of the current fiscal year as compared with $19.2 billion in the corresponding months of the last fiscal year.

    The reduction in trade deficit mainly attributed to fall in import bill. The import bill fell by 16 percent to $27.25 billion during July – January 2019/2020 as compared with $32.42 billion in the corresponding period of the last fiscal year.

    The exports of the country posted 2.14 percent growth to $13.5 billion during first seven months of current fiscal year as compared with $13.22 billion in the same period of the last fiscal year.

    The exports have come down by 3.17 percent when compared with $1.97 billion in January 2020 when compared with $2.04 billion in the same month of the last year.

    In the month of January 2020 the imports also came down by 9.63 percent to $4.04 billion as compared with $4.46 billion in the same month of the last year.

    However, the growth in imports was flat at $4.04 billion in January 2020 as the imports were at the same level in December 2019.

    The exports also fell 1.15 percent to $1.94 billion in January 2020 when compared with $1.99 billion in the month of December 2019.

  • 46 essential consumer items out of 51 register price hike in one year; prices go up to 116.82%

    46 essential consumer items out of 51 register price hike in one year; prices go up to 116.82%

    ISLAMABAD: About 46 essential consumer items out of 51 have registered increase in prices during past one year showing the inflationary pressure on the masses.

    The inflation data based on Sensitive Price Indicator (SPI) released by Pakistan Bureau of Statistics (PBS) for the week ended January 01, 2020.

    The PBS calculates the weekly SPI with base 2015-16=100 covering 17 urban centres and 51 essential items for all expenditure groups/quintiles and combined.

    The following is the comparison of price increase for the period between January 23, 2020 and January 24, 2019:

    01. Onions: 116.82 percent

    02. Potatoes: 111.15 percent

    03. Pulse Moong (Washed): 88.52 percent

    04. Garlic (Lehsun) 1 Kg: 65.43 percent

    05. Tomatoes: 56.91 percent

    06. Pulse Mash (Washed): 50.9 percent

    07. Gur (Average Quality): 43.26 percent

    08. Chicken Farm Broiler (Live): 41.73 percent

    09. Cigarettes Capstan 20’S Packet: 36.81 percent

    10. Sugar Refined: 31.95 percent

    11. Long Cloth 57″ Gul Ahmed/Al Karam: 31.3 percent

    12. Pulse Gram: 30.2 percent

    13. Lawn Printed Gul Ahmed/Al Karam: 28.52 percent

    14. Petrol Super: 27.88 percent

    15. Vegetable Ghee DALDA/HABIB or Other superior Quality 1 kg Pouch: 24.87 percent

    16. Pulse Masoor (Washed): 22.92 percent

    17. Wheat Flour Bag 20 Kg: 21.16 percent

    18. Cooked Beef at Average Hotel: 20.26 percent

    19. Hi-Speed Diesel: 19.18 percent

    20. LPG 11.67 kg Cylinder: 18.87 percent

    21. Cooking Oil DALDA or Other Similar Brand (SN), 5 Litre Tin: 17.98 percent

    22. Vegetable Ghee DALDA/HABIB 2.5 kg Tin: 16.8 percent

    23. Tea Prepared Ordinary: 16.6 percent

    24. Shirting (Average Quality): 16.46 percent

    25. Powdered Milk NIDO 390 gm Polybag: 16.29 percent

    26. Cooked Daal at Average Hotel: 16.27 percent

    27. Bananas (Kela) Local: 15.51 percent

    28. Mustard Oil (Average Quality): 15.38 percent

    29. Sufi Washing Soap: 14.61 percent

    30. Bread plain (Small Size): 12.39 percent

    31. Georgette (Average Quality): 11.85 percent

    32. Rice IRRI-6/9 (Sindh/Punjab): 11.38 percent

    33. Toilet Soap LIFEBUOY 115 gm: 11.14 percent

    34. Eggs Hen (Farm): 10.4 percent

    35. Mutton (Average Quality): 10.3 percent

    36. Tea Lipton Yellow Label 190 gm Packet: 10.29 percent

    37. Electricity Charges for Q1: 10.26 percent

    38. Beef with Bone (Average Quality): 9.79 percent

    39. Milk fresh (Un-boiled): 9.19 percent

    40. Match Box: 8.47 percent

    41. Energy Saver Philips 14 Watt: 8.37 percent

    42. Firewood Whole 40 Kg: 7.08 percent

    43. Rice Basmati Broken (Average Quality) 1 Kg: 6.6 percent

    44. Curd (Dahi) Loose: 6.49 percent

    45. Chilies Powder NATIONAL 200 gm Packet: 3.98 percent

    46. Salt Powdered (NATIONAL/SHAN) 800 gm Packet: 0.91 percent

    47. Gents Sandal Bata: 0 percent

    48. Gents Sponge Chappal Bata: 0 percent

    49. Ladies Sandal Bata: 0 percent

    50. Gas Charges upto 3.3719 MMBTU: 0 percent

    51. Telephone Call Charges: 0 percent

  • Import of mobile phones surges by 106% to Rs96.33 billion in first half

    Import of mobile phones surges by 106% to Rs96.33 billion in first half

    KARACHI: Pakistan has imported mobile phones worth Rs96.33 billion, showing an increase of 106 percent during first half (July – December) of 2019/2020.

    According to data released by Pakistan Bureau of Statistics (PBS), the import of mobile phones increased to Rs96.33 billion during first half of current fiscal year as compared with Rs46.82 billion in the same period of the last fiscal year.

    The rise in imported mobile phones was due to sharp decline in Pak Rupee during the period.

    According to State Bank of Pakistan (SBP) the exchange rate in December 2019 was Rs154.92 to the dollar as against the exchange rate of Rs138.47 in December 2018.

    In terms of US dollar the growth in imported mobile phones is still significant. The country spent $616.14 million during first half of current fiscal year as compared with $364.04 million in the corresponding period of the last fiscal year, showing growth of 69 percent.

    Despite this growth, the government reduced withholding income tax and sales tax on imported mobile phone.

    Through Tax Laws (Second Amendment) Ordinance, 2019 the government reduced sales tax and withholding income tax on import of mobile phones. The FBR attributed the reduction to promote digital economy in the country.

  • Headline inflation increases by 12.6% in December 2019

    Headline inflation increases by 12.6% in December 2019

    In a concerning economic development, Pakistan’s headline inflation, as measured by the Consumer Price Index (CPI), has surged by 12.6 percent in December 2019 on a Year-on-Year (YoY) basis, according to the latest report from the Pakistan Bureau of Statistics (PBS).

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  • Cars import falls by 81pc during July – November

    Cars import falls by 81pc during July – November

    ISLAMABAD: The import of imported cars has sharply fell by 81 percent during July – November of 2019/2020 owing to restriction imposed by the government for customs clearance through payment in foreign exchange.

    The country spent $26.1 million for import of completely built units (CBU) cars during first five months of current fiscal year as compared with $135 million in the corresponding months of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on December 17, 2019.

    As per law the commercial import of used or old cars is not allowed. However, in order to facilitate Pakistanis living abroad the government has allowed incentives to bring cars into Pakistan.

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

    Cars not older than three years and other vehicles not older than five years can be imported under these schemes, the FBR said.

    In the past these schemes were grossly 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.

    The import of cars started declining in the last fiscal year. The import of CBU cars fell by 51.33 percent to $222 million in fiscal year 2018/2019 as compared with $456 million in the preceding fiscal year.

    The overall import of CBU vehicles during first quarter of current fiscal year fell 74 percent. The import of heavy vehicles including buses and trucks has declined by 42 percent. While import of CBU motorcycles fell by 75 percent.

  • Mobile phone imports sharply increase by 86 percent to Rs61 billion in four months

    Mobile phone imports sharply increase by 86 percent to Rs61 billion in four months

    ISLAMABAD: Pakistan – the country endeavoring to reduce import bill to control external sector challenges – has imported mobile phones amounting Rs61 billion, during first four months (July – October) 2019/2020 which is 86 percent higher than corresponding period of last fiscal year.

    The mobile phone import was Rs61 billion during first four months of current fiscal year as compared with Rs32.7 billion in the corresponding months of the last fiscal year, Pakistan Bureau of Statistics (PBS) said on Tuesday.

    The unprecedented growth in mobile phone can be attributed to significant decline in rupee value during the last year.

    However, in dollar terms the import remained higher by 49 percent. The country spends $388 million on import of mobile phones during July – October 2019/2020 as compared with $260.41 million in the corresponding period of the last fiscal year.

    Sources in Pakistan Customs said that the phenomenal increase in mobile phones was due to anti-smuggling measures taken by the government.

    They said that now a mobile phone would have active network only when it was verified through a system introduced by Pakistan Telecom Authority (PTA).

    The sources said that mobile devices are required to verify their IMEI through phone registration system of the PTA otherwise such phones would not have connections of existing cellular networks in the country.

    The source said that in the past a huge number of mobile phones were brought in the country without paying duty and taxes. But now those mobile that were not offered for registration would not be activated.

    The import of mobile phone witnessed even sharp increase in October 2019 to $118.65 million as compared with $61.19 million in the same month of the last year. Similarly, in terms of rupee the import registered 132 percent to Rs18.5 billion in October 2019 as compared with Rs7.98 billion in the same month of the last year.