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  • Textile exports surge to record high $11 billion in 7MFY22

    Textile exports surge to record high $11 billion in 7MFY22

    KARACHI: The exports of textile products have witnessed sharp increase of 25 per cent to $11 billion during first seven months (July – January) 2021/2022 7MFY22, according to data of the Pakistan Bureau of Statistics (PBS) released on Wednesday.

    The exports of textile products were $8.76 billion in the same months of the last fiscal year.

    READ MORE: SBP expands export finance scheme to improve inflows

    In Pak Rupee (PKR) terms, the same has clocked in at Rs1,861 billion, up 30 per cent YoY due to 4 per cent currency devaluation, analysts at Topline Securities said.

     During 7MFY22, key export driver was increase in value-added exports where knitwear segment contributed the most as it increased by 33 per cent YoY to $2.9 billion followed by Ready-made garments (+22 per cent YoY to $2.2 billion) and Bedwear (+19 per cent YoY to $1.9 billion) exports, respectively.

    On MoM basis, Pakistan textile exports is down 4 per cent to $1.5 billion in Jan-2022, led by lower value-added exports segments mainly in Knitwear (down 12 per cent MoM) and Ready-made garments (down 4 per cent MoM) respectively.

    READ MORE: PHMA cries foul on gas suspension to textile industry

    Compared to last year, Pakistan textile exports are up by 17 per cent YoY (29 per cent YoY up in PKR terms) in Jan-22 led by significant recovery witnessed in value-added segments, largely in knitwear (up 19 per cent YoY), Ready-made (up 17 per cent YoY) and Bedwear (up 21 per cent YoY).

    Increased volumetric growth and improved pricing were the key drivers resulting in higher exports.   

    Going forward, the analysts expect textile exports to keep robust in ongoing FY22 fiscal year to clock in at $18.5-19 billion.

    Ease of lockdown in European economies is likely to drive increased orders and help overall textile exports, the analysts added.

    The Federal Cabinet on February 15, 2022 has finally approved the Textile and Apparel Policy 2020-25, after Ministry of Commerce (MoC) submitted the revised draft of textile policy to Economic Coordination Committee (ECC) incorporating few amendments.

    READ MORE: Textile exporters urge allowing cotton import from India

    The key reason behind the late approval was the dispute between MoC and Energy Ministry on the issue of Energy Tariffs (RLNG and Electricity).

    As per reports, the updated draft stated that Energy Tariffs (RLNG and Electricity) will be provided to textiles and apparel industry at regionally competitive rates during the policy years. For this, tariff will be reviewed and announced in federal budget by Finance Division.

    As per Pakistan Institute of Development Economics (PIDE), the average regional electricity tariff rate stood at 7.4 cents/kWh in Mar-21, which we believe has likely increased since than. Pakistan’s current electricity tariff is around 9 cents/Kwh. 

    READ MORE: Gas shortage created purposely for using RLNG: KCCI

    In case of RLNG, the average regional RLNG rate stood at $4/MMBTU as per PIDE as compared with Pakistan’s tariff rate at $6.5/MMBTU. The analysts believe the above stated textile policy will have a neutral impact on the sector. Given, Pakistan is already offering subsidized energy & RLNG tariffs to textile players and Pakistan being part of an IMF program, a further reduction from the current levels is highly unlikely. 

    RLNG tariff is expected to remain intact at $6.5/MMBTU level although regional average is comparatively low. To note, RLNG is currently being provided at $9/MMBTU to textile sector till March-22 due to supply issues.

  • Pakistan’s trade deficit widens by 92% in seven months

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

    ISLAMABAD: Pakistan’s trade deficit has widened by 92 per cent during first seven months (July – January) of fiscal year 2021/2022, official statistics revealed on Wednesday.

    The trade deficit ballooned to $28.8 billion during the first seven months of the current fiscal year as compared with $15 billion in the corresponding months of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS).

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

    The exports exhibited a growth of 24 per cent to $17.67 billion during the period under review as compared with $14.25 billion in the same period of the last fiscal year.

    Meanwhile, the import bill of the country surged by 59 per cent to $46.47 billion during first seven months of the current fiscal year as compared with $29.25 billion in the corresponding months of the last fiscal year.

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

    The trade deficit widened by 26.49 per cent to $3.36 billion in the month of January 2022 as compared with the deficit of $2.66 billion in the same month of the last year.

    The exports increased by 18.69 per cent to $2.55 billion in January 2022 as compared with $2.145 billion in the same month of the last year.

    Similarly, the imports grew by 23 per cent to $5.9 billion in the month of January 2022 as compared with $4.8 billion in the same month of the last year.

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

    However, imports registered a massive decline of 22 per cent to $5.9 billion in January 2022 as compared with $7.58 billion in the month of December 2021.

    Similarly, exports fell by 8 per cent to $2.54 billion in January 2022 as compared with $2.76 billion in the previous month.

    The trade deficit recorded a decline of 30 per cent to $3.36 billion in January 2022 as compared with the deficit of $4.81 billion in December 2021.

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

  • Pakistan’s textile exports jump to record high at $9.4bn

    Pakistan’s textile exports jump to record high at $9.4bn

    KARACHI: Pakistan’s textile exports recorded all time high to $9.4 billion during first half (July – December) of 2021/2022.

    As per the data reported by Pakistan Bureau of Statistics (PBS) on Tuesday, Pakistan textile exports witnessed a record first half (July-December) exports of $9.4 billion in 2021/2022, up by 26 per cent YoY.

    READ MORE: Textile exporters urge allowing cotton import from India

    In Pak Rupee (PKR terms), the same has clocked in at Rs1,587 billion, up 30 per cent YoY (more than $ terms due to 4 per cent currency devaluation as compared to 1HFY21), analysts at Topline Securities said.

    During the first half of the current fiscal year, major export driver was significant increase in value-added exports where knitwear segment contributed the most as it increased by 35 per cent YoY to $2.5 billion followed by Ready-made garments (+23 per cent YoY to $1.8 billion) and Bedwear (+19 per cent YoY to $1.7 billion) exports, respectively.

    READ MORE: Value added textile exporters demand 50 percent reduction in withholding tax

    On MoM basis, Pakistan textile exports clocked in at $1.6 billion (down by 6 per cent) in Dec 2021, mainly driven by low volumetric sales in all segments excluding raw cotton on account of recent hike in Omicron cases world wide specially in Europe & USA.

    READ MORE: Gul Ahmed Textile declares 4-time increase in net profit during nine months

    Compared to last year, Pakistan textile exports are up by 16 per cent YoY (28 per cent YoY up in PKR terms) in Dec-21 led by significant recovery witnessed in value-added segments, largely in knitwear (+29 per cent YoY) and Ready-made (+22 per cent YoY). Low base, increased volumetric growth in Knitwear and improved pricing led to higher exports.

    The analysts expect textile exports to remain robust in ongoing fiscal year (FY22) and expect it to clock in at $18-18.5 billion. Though, slowdown in European economies and lockdowns due to Omicron remain key risk for the sector.

    READ MORE: Value-added textile demands allowing cotton yarn import from India

  • Headline inflation rises by 12.3% in December 2021

    Headline inflation rises by 12.3% in December 2021

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 12.3 per cent on year-on-year basis in December 2021 as compared to an increase of 11.5 per cent in the previous month and 8.0 per cent in December 2020.

    Pakistan Bureau of Statistics (PBS) on Saturday said that on month-on-month basis, it decreased by -0.02 per cent in December 2021 as compared to increase of 3.0 per cent in the previous month and a decrease of -0.7 per cent in December 2020.

    READ MORE: Headline inflation surges by 11.5% in November 2021

    CPI inflation Urban, increased by 12.7 per cent on year-on-year basis in December 2021 as compared to an increase of 12.0 per cent in the previous month and 7.0 per cent in December 2020. On month-on-month basis, it increased by 0.3 per cent in December 2021 as compared to increase of 2.9 per cent in the previous month and a decrease of -0.3 per cent in December 2020.

    READ MORE: Headline inflation increases by 9.2% in October

    CPI inflation Rural, increased by 11.6 per cent on year-on-year basis in December 2021 as compared to an increase of 10.9 per cent in the previous month and 9.5 per cent in December 2020. On month-on-month basis, it decreased by -0.5 per cent in December 2021 as compared to increase of 3.1 per cent in the previous month and a decrease of -1.2 per cent in December 2020.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 20.9 per cent in December 2021 as compared to an increase of 18.1 per cent a month earlier and an increase of 9.1 per cent in December 2020. On MoM basis, it decreased by -0.4 per cent in December 2021 as compared to increase of 3.6 per cent a month earlier and a decrease of -2.7 per cent in December 2020.

    READ MORE: Comparing inflation target not correct: State Bank

    Wholesale Price Index (WPI) inflation on YoY basis increased by 26.2 per cent in December 2021 as compared to an increase of 27.0 per cent a month earlier and an increase of 5.7 per cent in December 2020. WPI inflation on MoM basis decreased by -0.2 per cent in December 2021 as compared to an increase of 3.8 per cent a month earlier and an increase of 0.3 per cent in corresponding month i.e. December 2020.

  • Prices of essential items surge by 19.5% in Pakistan

    Prices of essential items surge by 19.5% in Pakistan

    ISLAMABAD: The prices of essential items have surged by 19.5 per cent during past one year by week ended December 16, 2021, Pakistan Bureau of Statistics (PBS) said.

    The year on year trend depicts increase of 19.49 per cent when compared with the week ended December 17, 2020.

    READ MORE: Headline inflation surges by 11.5% in November 2021

    The PBS issued Sensitive Price Indicator (SPI) to gauge inflation on weekly / short term basis. 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.

    The prices of following essential items registered growth on year on year basis:

    READ MORE: Comparing inflation target not correct: State Bank

    Electricity for Q1 (83.95 per cent), LPG (65.26 per cent), Cooking Oil 5 litre (60.37 per cent), Vegetable Ghee 1 Kg (57.56 per cent), Vegetable Ghee 2.5 Kg (55.62 per cent), Mustard Oil (55.60 per cent), Washing Soap (45.75 per cent), Petrol (35.42 per cent), Chilies Powdered (32.24 per cent), Pulse Masoor (29.52 per cent) and Diesel (26.72 per cent), while major decrease observed in the prices of Onions (28.72 per cent), Pulse Moong (24.87 per cent), Chicken (16.09 per cent), Tomatoes (14.76 per cent), Potatoes (14.58 per cent) and Eggs (9.86 per cent).

    READ MORE: Inflation is core issue in Pakistan: PM Imran

    The SPI for the current week ended on December 16, 2021 recorded an increase of 0.55 per cent. Increase in the prices of food items Pulse Masoor (4.11 per cent), Salt (3.70 per cent), Pulse Gram (2.08 per cent), Bananas (1.69 per cent), Mustard Oil (1.35 per cent), Pulse Mash (1.32 per cent), non-food items Electricity for Q1 (10.37 per cent) and Washing Soap (1.23 per cent) was observed with joint impact of (1.55 per cent) into the overall SPI for combined group of (0.55 per cent).

     On the other hand, decrease observed in the prices of Potatoes (15.52 per cent), Tomatoes (12.65 per cent), Chicken (5.94 per cent), Onions (3.94 per cent), Diesel (3.48 per cent), Petrol (3.40 per cent), Eggs (1.69 per cent), Gur (1.34 per cent), Sugar (1.29 per cent), Chilies Powdered (0.57 per cent), Beef (0.54 per cent), Pulse Moong (0.37 per cent), Rice Basmati Broken (0.20 per cent), Mutton (0.15 per cent) and Wheat Flour (0.04 per cent).

    During the week, out of 51 items, prices of 17 (33.34 per cent) items increased,15 (29.41 per cent) items decreased and 19 (37.25 per cent) items remained stable.

    READ MORE: Consumer confidence declines sharply on high inflation

  • Headline inflation surges by 11.5% in November 2021

    Headline inflation surges by 11.5% in November 2021

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 11.5 per cent on a Year-on-Year (YoY) basis in November 2021, the Pakistan Bureau of Statistics (PBS) said on Tuesday.

    (more…)
  • Inflation of essential items rises by 17.37% YoY

    Inflation of essential items rises by 17.37% YoY

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has recorded 17.37 per cent increase Year on Year (YoY) by week ended November 11, 2021, said Pakistan Bureau of Statistics (PBS) on Friday.

    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.

    Analysts said that the SPI inflation is 37-week high level.

    The year on year trend depicts increase of 17.37 per cent, LPG (74.70 per cent), Electricity for Q1 (75.32 per cent), LPG (74.82 per cent), Mustard Oil (54.71 per cent), Vegetable Ghee 1 Kg (53.29 per cent), Cooking Oil 5 litre (49.24 per cent), Vegetable Ghee 2.5 Kg (48.27 per cent), Petrol (41.94 per cent) and Diesel (37.78 per cent)

    The major item that witnessed decrease in prices YoY basis are included: decrease observed in the prices of Onions (40.40 per cent), Pulse Moong (30.50 per cent), Potatoes (19.64 per cent), Sugar (2.22 per cent) and Pulse Mash (1.50 per cent).

    The SPI for the current week ended on November 11, 2021 recorded an increase of 1.81 per cent over the previous week. Increase in the prices of Tomatoes (18.70 per cent), Diesel (6.04 per cent), Petrol (5.78 per cent), Cooking Oil 5 litre (4.27 per cent), Vegetable Ghee 2.5 kg (3.37 per cent), Vegetable Ghee 1kg (3.28 per cent), Banana (3.04 per cent), Bread (2.84 per cent), Electricity for Q1 (2.74 per cent), Eggs (1.82 per cent),  Potatoes (1.77 per cent), Washing Soap (1.58 per cent), Onions (1.51 per cent), Energy Saver (1.30 per cent) and Mustard Oil (1.21 per cent) was observed with joint impact of (1.61 per cent) into the overall SPI for combined group of (1.81 per cent).

    On the other hand, decrease observed in the prices of Sugar (9.35 per cent), Pulse Mash (0.45 per cent), Pulse Moong (0.42 per cent), Pulse Gram (0.29 per cent), Wheat Flour Bag (0.26 per cent) and Garlic (0.04 per cent).

    During the week, out of 51 items, prices of 30 (58.82 per cent) items increased 06 (11.76 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    The analysts said that looking at the trend of SPI inflation, the headline inflation based on Consumer Price Index (CPI) likely to enter double digit in November 2021. The average inflation for the current fiscal year could be in double digit as well, they added.

    Headline inflation increases by 9.2% in October
  • Pakistan’s import bill surges by 65% in four months

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

    ISLAMABAD: The import bill of Pakistan surged by 65.15 per cent during the first four months (July – October) of 2021/2022, according to official statistics released on Tuesday.

    The import bill increased to $25.06 billion during the first four months of the current fiscal year as compared with $15.17 billion in the same period of the last fiscal year, according to data of Pakistan Bureau of Statistics (PBS).

    On the other hand, exports of the country registered a growth of 24.71 per cent to $9.44 billion during the first four months of the current fiscal year as compared with $7.57 billion in the corresponding months of the last year.

    The trade deficit of the country swelled by 105.43 per cent to $15.62 billion during July – October of the current fiscal year as compared with the deficit of $7.60 billion in the same period of the last fiscal year.

    The trade deficit widened by 117 per cent to $3.88 billion in October 2021 when compared with the deficit of 1.789 billion in the same month of the last year.

    The import bill during the month of October 2021 increased by 63 per cent to $6.334 billion as against $3.89 billion in the same month of the last year.

    Similarly, the exports exhibited a growth of 16.52 per cent to $2.45 billion in October 2021 as compared with $2.1 billion in the same month of the last year.

    Headline inflation increases by 9.2% in October
  • Headline inflation increases by 9.2% in October

    Headline inflation increases by 9.2% in October

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.2 per cent on Year on Year (YoY) basis in October.

    The CPI inflation was 9.0 per cent in the previous month and 8.9 per cent in October 2020, the Pakistan Bureau of Statistics (PBS) said on Monday.

    On month-on-month (MoM0 basis, it increased by 1.9 per cent in October 2021 as compared to increase of 2.1 per cent in the previous month and an increase of 1.7 per cent in October 2020.

    CPI inflation Urban, increased by 9.6 per cent on year-on-year basis in October 2021 as compared to an increase of 9.1 per cent in the previous month and 7.3 per cent in October 2020. On month-on-month basis, it increased by 1.7 per cent in October 2021 as compared to increase of 2.0 per cent in the previous month and an increase of 1.3 per cent in October 2020.

    CPI inflation Rural, increased by 8.7 per cent on year-on-year basis in October 2021 as compared to an increase of 8.8 per cent in the previous month and 11.3 per cent in October 2020. On month-on-month basis, it increased by 2.2 per cent in October 2021 as compared to increase of 2.3 per cent in the previous month and an increase of 2.4 per cent in October 2020.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 15.2 per cent in October 2021 as compared to an increase of 16.6 per cent a month earlier and an increase of 12.3 per cent in October 2020. On MoM basis, it increased by 2.1 per cent in October 2021 as compared to increase of 2.7 per cent a month earlier and an increase of 3.0 per cent in October 2020.

    Wholesale Price Index (WPI) based inflation on YoY increased by 21.2 per cent in October 2021 as compared to an increase of 19.6 per cent a month earlier and an increase of 5.1 per cent in October 2020. WPI inflation on MoM basis increased by 4.2 per cent in October 2021 as compared to an increase of 3.2 per cent a month earlier and an increase of 2.9 per cent in corresponding month i.e. October 2020.

    Pakistan’s September inflation moves up by 9%
  • Pakistan’s trade deficit doubles in first quarter

    Pakistan’s trade deficit doubles in first quarter

    ISLAMABAD: Pakistan’s trade deficit has doubled in first quarter (July – September) 2021/2022 owing to sharp increase in import bill, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.

    The trade deficit has ballooned by 100.62 per cent to $11.66 billion during the first quarter of the current fiscal year as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.

    The import bill posted an unprecedented growth of 65 per cent to $18.63 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

    The exports of the country registered 27 per cent growth to $6.96 billion during July – September 2021 as compared with $5.47 billion in the same period of the last fiscal year.

    The trade deficit on year on year (YoY) basis in September 2021 widened by 70 per cent to $4.1 billion as compared with the deficit of $2.41 billion. The import bill recorded an increase of 50.78 per cent to $6.48 billion in September 2021 as compared with $4.29 billion in the same month of the last year.

    The exports also exhibited a growth of 26.13 per cent to $2.38 billion in September 2021 as compared with $1.88 billion in the same month of the last year.

    Trade deficit balloons 120% to $7.49 billion in two months