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  • Pakistan car imports surge by 108pc as restriction eases

    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).

    READ MORE: Hyderabad Customs auctions NDP vehicles on November 24, 2022

    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.

    READ MORE: Hyundai launch N Vision 74 Concept car

    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.

    READ MORE: Toyota reveal bZ Compact SUV Concept model

    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.

  • Pakistan’s import restrictions help narrowing trade deficit by 27%

    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

  • Headline inflation surges by 26.6% in October 2022

    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.

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    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.

    READ MORE: Pakistan inflation hits 14-year high at 25% in July

    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.

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

  • Pakistan import bill falls by 12.72% in 1QFY23

    Pakistan import bill falls by 12.72% in 1QFY23

    ISLAMABAD: The total import bill of Pakistan has declined by 12.72 per cent in the first quarter (July – September) of the fiscal year 2022/2023, according to data released by Pakistan Bureau of Statistics (PBS).

    The import bill of the country was $16.33 billion in the first quarter of the current fiscal year as compared with $18.72 billion in the corresponding period of the last fiscal year.

    READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23

    Exports of the country, however, exhibited a nominal 2 per cent growth to $7.12 billion during the quarter under review as compared with $7 billion in the same quarter of the last fiscal year.

    The fall in import bill resulted in trade deficit contraction of 21.42 per cent. The trade deficit of the country fell to $9.21 billion during July – September 2022 as compared with the deficit of $11.72 in the same quarter of the last fiscal year.

    READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

    In September 2022 the trade deficit contracted by 30.62 per cent on Year on Year (YoY) basis.

    The trade deficit has been recorded at $2.88 billion in September 2022 when compared with $4.15 billion in the same month of the last year.

    READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022

    The import bill for the month under review recorded a decline of 20 per cent to $5.27 billion in September 2022 when compared with $6.56 billion in the same month of the last year.

    Whereas, the exports of the country also recorded a decline of one per cent to $2.39 billion in September 2022 when compared with $2.41 billion in the same month of the last year.

    READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months

  • Pakistan’s headline inflation rises 23.2% in September 2022

    Pakistan’s headline inflation rises 23.2% in September 2022

    ISLAMABAD: Pakistan’s headline inflation based on Consumer Price Index (CPI) increased to 23.2 per cent on year-on-year basis in September 2022 as compared to an increase of 27.3 per cent in the previous month and 9.0 per cent in September 2021.

    On month-on-month basis, it decreased by -1.2 per cent in September 2022 as compared to an increase of 2.4 per cent in the previous month and an increase of 2.1 per cent in September 2021, according to data released by Pakistan Bureau of Statistics (PBS).

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    CPI inflation Urban, increased to 21.2 per cent on year-on-year basis in September 2022 as compared to an increase of 26.2 per cent in the previous month and 9.1 per cent in September 2021.

    On month-on-month basis, it decreased by -2.1 per cent in September 2022 as compared to an increase of 2.6 per cent in the previous month and an increase of 2.0 per cent in September 2021.

    CPI inflation Rural, increased to 26.1 per cent on year-on-year basis in September 2022 as compared to an increase of 28.8 per cent in the previous month and 8.8 per cent in September 2021. On month-on-month basis, it increased by 0.2 per cent in September 2022 as compared to an increase of 2.2 per cent in the previous month and an increase of 2.3 per cent in September 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    Sensitive Price Indicator (SPI) inflation on YoY increased to 28.6 per cent in September 2022 as compared to an increase of 34.0 per cent a month earlier and an increase of 16.6 per cent in September 2021.

    On MoM basis, it decreased by -1.4 per cent in September 2022 as compared to increase of 5.2 per cent a month earlier and an increase of 2.7 per cent in September 2021.

    Wholesale Price Index (WPI) inflation on YoY basis increased to 38.9 per cent in September 2022 as compared to an increase of 41.2 per cent a month earlier and an increase of 19.6 per cent in September 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    WPI inflation on MoM basis increased by 1.4 per cent in September 2022 as compared to an increase of 3.1 per cent a month earlier and an increase of 3.2 per cent in corresponding month i.e. September 2021.

    Measured by non-food non-energy Urban increased to 14.4 per cent on (YoY) basis in September, 2022 as compared to an increase of 13.8 per cent in the previous month and 6.4 per cent in September, 2021.

    On (MoM) basis, it increased by 0.9 per cent in September, 2022 as compared to an increase of 1.8 per cent in previous month, and an increase of 0.4 per cent in corresponding month of last year i.e. September 2021.

    Measured by non-food non-energy Rural increased to 17.6 per cent on (YoY) basis in September, 2022 as compared to an increase of 16.5 per cent in the previous month and 6.2 per cent in September, 2021.

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    On (MoM) basis, it increased by 1.4 per cent in September, 2022 as compared to an increase of 1.8 per cent in previous month, and an increase of 0.5 per cent in corresponding month of last year i.e. September, 2021.

    Measured by 20 per cent weighted trimmed mean Urban increased to 19.5 per cent on (YoY) basis in September, 2022 as compared to 21.4 per cent in the previous month and 8.7 per cent in September, 2021.

    On (MoM) basis, it increased by 1.6 per cent in September 2022 as compared to an increase of 1.7 per cent in the previous month and an increase of 0.9 per cent in corresponding month of last year i.e. September, 2021.

    Measured by 20 per cent weighted trimmed mean Rural increased to 24.4 per cent on (YoY) basis in September, 2022 as compared to 23.8 per cent in the previous month and by 8.2 per cent in September, 2021.

    On (MoM) basis, it increased by 2.5 per cent in September, 2022 as compared to an increase of 1.8 per cent in the previous month and an increase of 1.2 per cent in corresponding month of last year i.e. September, 2021.

  • Pakistan raises petroleum prices by 100% in one year

    Pakistan raises petroleum prices by 100% in one year

    ISLAMABAD: Pakistan has increased prices of petroleum products by around 100 per cent during past one year, according to official data released on Friday.

    According to data released by Pakistan Bureau of Statistics (PBS), the price of petrol was increased by 99 per cent to Rs236.98 per liter by week ended September 08, 2022 as compared with Rs119.25 per liter by week ended September 09, 2021.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    Similarly, the price of high speed diesel (HSD) recorded a massive increase of 114 per cent to Rs248.40 per liter by week ended September 08, 2022 when compared with Rs116 per liter by week ended September 09, 2021.

    The PBS issued weekly Sensitive Price Indicator (SPI) based inflation details.

    The year on year trend depicts an increase of 42.70 per cent. The items have witnessed increase in prices are included: Tomatoes (144.25 per cent), Diesel (114.08 per cent), Petrol (98.73 per cent), Pulse Masoor (76.34 per cent), Cooking Oil 5 litre (67.99 per cent), Mustard Oil (66.53 per cent), LPG (64.98 per cent), Washing Soap (64.50 per cent), Electricity for Q1 (63.03 per cent), Vegetable Ghee 2.5 Kg (62.53 per cent), Pulse Gram (61.02 per cent), Onions (59.97 per cent) and Vegetable Ghee 1 Kg (58.19 per cent).

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    While a decrease observed in the prices of Chillies Powder (43.42 per cent), Sugar (18.07 per cent) and Gur (2.08 per cent).

    The SPI for the current week ended on September 08, 2022 recorded a decrease of 0.58 per cent. Decrease is observed in the prices of food items, Onions (41.99 per cent), Tomatoes (8.11 per cent), Bananas (2.51 per cent), Pulse Masoor (1.37 per cent), Vegetable Ghee 1Kg (0.55 per cent), Cooking Oil 5 litre (0.33 per cent), Mustard Oil (0.16 per cent) and Vegetable Ghee 2.5Kg & Sugar (0.11 per cent) each.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    On the other hand, an increase observed in the prices of LPG (10.66 per cent), Wheat Flour (4.15 per cent), Eggs (3.96 per cent), Bread (3.27 per cent), Pulse Moong (2.74 per cent), Curd (2.72 per cent), Tea Lipton (2.50 per cent), Pulse Gram (1.65 per cent), Chicken (1.58 per cent), Milk Fresh (1.57 per cent), Fire wood (1.54 per cent) and Potatoes (1.02 per cent).

    During the week, out of 51 items, prices of 26 (50.98 per cent) items increased, 09 (17.65 per cent) items decreased and 16 (31.37 per cent) items remained stable.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

  • Pakistan trade deficit narrows by 17% in 2MFY23

    Pakistan trade deficit narrows by 17% in 2MFY23

    ISLAMABAD: Trade deficit fell by 17.13 per cent during first two months (July – August) 2022/2023 2MFY23, owing to fall in import bill, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The statistics revealed that the trade deficit for the period July – August 2022/2023 was at $6.27 billion as compared with the deficit of $7.56 billion in the same period of the last fiscal year.

    READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

    Pakistan’s exports increased by 3.75 per cent to $4.76 billion during July – August 2022/2023 as compared with $4.58 billion in the corresponding period of the last fiscal year.

    On the other hand, import bill of the country fell to $11.03 billion during the first two months of the current fiscal year as compared with $12.15 billion in the same period of the last fiscal year, showing a decline of nine per cent.

    READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022

    However, trade deficit surged by 29 per cent to $3.53 billion in August 2022 when compared with the deficit of $2.74 billion in the month of July 2022.

    The exports recorded 11 per cent increased to $2.50 billion in August 2022 when compared with $2.25 billion in July 2022.

    READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months

    Meanwhile, the import bill also climbed up by 21 per cent to $6.03 billion in August 2022 when compared with $4.99 billion in the month of July 2022.

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

  • Pakistan’s headline inflation hits 47-year high in August 2022

    Pakistan’s headline inflation hits 47-year high in August 2022

    ISLAMABAD: The headline inflation in Pakistan has recorded 47-year at 27.3 per cent in August 2022. This is a 47-Year high after 1975 and has crossed peak levels of global financial crisis 2008 of 25.3 per cent, according to Fahad Rauf, analyst at Ismail Iqbal Securities.

    Pakistan Bureau of Statistics (PBS) on Thursday issued the data of Consumer Price Index (CPI) stating that it increased by 27.3 per cent on year-on-year basis in August 2022 as compared to an increase of 24.9 per cent in the previous month and 8.4 per cent in Aug 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    On month-on-month basis, it increased by 2.4 per cent in August 2022 as compared to an increase of 4.3 per cent in the previous month and an increase of 0.6 per cent in August 2021.

    CPI inflation Urban, increased by 26.2 per cent on year-on-year basis in August 2022 as compared to an increase of 23.6 per cent in the previous month and 8.3 per cent in August 2021.

    On month-on-month basis, it increased by 2.6 per cent in August 2022 as compared to an increase of 4.5 per cent in the previous month and an increase of 0.5 per cent in August 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    CPI inflation Rural, increased by 28.8 per cent on year-on-year basis in August 2022 as compared to an increase of 26.9 per cent in the previous month and 8.4 per cent in August 2021.

    On month-on-month basis, it increased by 2.2 per cent in August 2022 as compared to an increase of 4.2 per cent in the previous month and an increase of 0.7 per cent in August 2021.

    Sensitive Price Indicator (SPI) based inflation on YoY increased by 34.0 per cent in August 2022 as compared to an increase of 28.2 per cent a month earlier and an increase of 15.9 per cent in August 2021.

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    On MoM basis, it increased by 5.2 per cent in August 2022 as compared to increase of 7.3 per cent a month earlier and an increase of 0.7 per cent in August 2021.

    Wholesale Price Index (WPI) based inflation on YoY basis increased by 41.2 per cent in August 2022 as compared to an increase of 38.5 per cent a month earlier and an increase of 17.1 per cent in August 2021.

    WPI inflation on MoM basis increased by 3.1 per cent in August 2022 as compared to an increase of 2.0 per cent a month earlier and an increase of 1.2 per cent in corresponding month i.e. August 2021.

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

  • Pakistan’s sensitive price inflation surges by 45%

    Pakistan’s sensitive price inflation surges by 45%

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has surged by around 45 per cent by the week ended August 25, 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    The PBS said that prices of essential items have recorded an increase of 44.58 per cent year on year for the week ended August 25, 2022.

    The essential items which recorded increase in prices during the period are included: Tomatoes (178.10 per cent), Onions (155.14 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Pulse Masoor (90.74 per cent), Cooking Oil 5 litre (70.61 per cent), Mustard Oil (67.58 per cent), Vegetable Ghee 2.5 Kg (64.71 per cent), Vegetable Ghee 1 Kg (63.93 per cent), Washing Soap (63.27 per cent), Electricity for Q1 (63.03 per cent), Chicken (55.76 per cent) and Pulse Gram (55.07 per cent), while a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.90 per cent) and Gur (1.21 per cent).

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    The PBS said that the SPI for the current week ended on August 25, 2022 recorded an increase of 1.83 per cent.

    Increase is observed in the prices of food items, Tomatoes (43.09 per cent), Onions (41.13 per cent), Potatoes (6.32 per cent), Eggs (3.43 per cent), Garlic (2.23 per cent), Powdered Milk (1.53 per cent) and Pulse Mash (1.12 per cent), non-food items, Cigarettes (2.26 per cent) and LPG (1.95 per cent).

    On the other hand, a decrease observed in the prices of Pulse Masoor (1.18 per cent), Vegetable Ghee 1Kg (1.00 per cent), Vegetable Ghee 2.5Kg (0.82 per cent), Bananas (0.61 per cent), Cooking Oil 5 litre (0.51 per cent), Sugar (0.28 per cent) and Mustard Oil (0.07 per cent).

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

    During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 07 (13.72 per cent) items decreased and 21 (41.18 per cent) items remained stable.

    The bureau computes the SPI on a weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. SPI comprises 51 essential items collected from 50 markets in 17 cities of the country.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

  • Essential items witness inflation above 42%: Pakistan Bureau

    Essential items witness inflation above 42%: Pakistan Bureau

    ISLAMABAD: Pakistan Bureau of Statistics (PBS) on Friday disclosed that prices of essential items have recorded inflation above 42 per cent on year on year (YoY) basis by week ended August 18, 2022.

    The bureau stated that Sensitive Price Indicator (SPI) of essential items depicts an increase of 42.31 per cent.

    READ MORE: High inflation may force further monetary tightening

    The essential items that recorded increase in prices during this period are included: Pulse Masoor (111.02 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Onions (94.43 per cent), Cooking Oil 5 litre (72.96 per cent), Mustard Oil (71.08 per cent), Chicken (69.04 per cent), Vegetable Ghee 1 Kg (68.56 per cent), Vegetable Ghee 2.5 Kg (67.05 per cent), Electricity for Q1 (63.03 per cent), Washing Soap (61.92 per cent), Pulse Gram (58.93 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Mash (51.51 per cent) and Garlic (36.59 per cent).

    While a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.55 per cent) and Gur (1.96 per cent).

    READ MORE: Pakistan inflation hits 14-year high at 25% in July

    The SPI for the week ended on August 18, 2022 recorded an increase of 3.35 per cent.

    Increase is observed in the prices of food items, Tomatoes (20.28 per cent), Chicken (7.57 per cent), Onions (2.30 per cent), Powdered Milk (2.03 per cent), Eggs (1.63 per cent), Pulse Moong (1.42 per cent) and Potatoes (1.07 per cent), non-food items, Electricity for Q1 (6.83 per cent), Petrol (2.96 per cent) and Cigarette (1.69 per cent).

    On the other hand, a decrease observed in the prices of LPG (3.46 per cent), Vegetable Ghee 1Kg (1.16 per cent), Garlic (0.94 per cent), Mustard Oil (0.71 per cent), Pulse Masoor (0.42 per cent), Pulse Gram (0.36 per cent), Vegetable Ghee 2.5Kg (0.33 per cent), Cooking Oil 5 litre (0.31 per cent), Diesel (0.18 per cent), Firewood Whole (0.16 per cent) and Sugar (0.03 per cent).

    READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

    During the week, out of 51 items, prices of 25 (49.01 per cent) items increased, 11 (21.57 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%