ISLAMABAD: Pakistan’s trade deficit ballooned by 120 per cent to $7.49 billion in first two months (July – August) of the current fiscal year.
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Headline inflation increases by 8.4% in July
In July 2021, Pakistan experienced a notable shift in inflationary trends, with the headline inflation based on the Consumer Price Index (CPI) registering at 8.4 percent year-on-year, down from 9.7 percent in June 2021.
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Consumer prices inflate by 9.7 percent in June 2021
ISLAMABAD: The inflation based on Consumer Price Index (CPI) has increased by 9.7 percent on year-on-year basis in June 2021 as compared to an increase of 10.9 per cent in the previous month and 8.6 per cent in June 2020, Pakistan Bureau of Statistics (PBS) said on Thursday.
On month-on-month basis, it decreased by 0.2 per cent in June 2021 as compared to an increase of 0.1 per cent in the previous month and an increase of 0.8 per cent in June 2020.
CPI inflation Urban, increased by 9.7 per cent on year-on-year basis in June 2021 as compared to an increase of 10.8 per cent in the previous month and 7.6 per cent in June 2020. On month-on-month basis, it decreased by 0.4 per cent in June 2021 as compared to an increase of 0.2 per cent in the previous month and an increase of 0.7 per cent in June 2020.
CPI inflation Rural, increased by 9.7 per cent on year-on-year basis in June 2021 as compared to an increase of 10.9 per cent in the previous month and 10.0 per cent in June 2020. On month-on-month basis, it decreased by 0.1 per cent in June 2021 as compared to a decrease of 0.03 per cent in the previous month and an increase of 1.0 per cent in June 2020.
Sensitive Price Indicator (SPI) inflation on YoY increased by 17.6 per cent in June 2021 as compared to an increase of 19.7 per cent a month earlier and an increase of 11.5 per cent in June 2020. On MoM basis, it decreased by 0.4 per cent in June 2021 as compared to an increase of 0.8 per cent a month earlier and an increase of 1.4 per cent in June 2020.
Wholesale Price Indicator (WPI) inflation on YoY basis increased by 20.9 per cent in June 2021 as compared to an increase of 19.4 per cent a month earlier and an increase of 0.9 per cent in June 2020. WPI inflation on MoM basis increased by 0.9 per cent in June 2021 as compared to an increase of 0.3 per cent a month earlier and a decrease of 0.3 per cent in corresponding month i.e. June 2020.
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Trade deficit widens by 21.6pc in 10 months
ISLAMABAD: Pakistan’s trade deficit has expanded significantly, rising by 21.6 percent during the first ten months (July–April) of fiscal year 2020–2021, according to official data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. The increase in the trade deficit is attributed largely to a sharp surge in the country’s import bill, which has outpaced the growth in exports.
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Sharp growth recorded in import of CBU, CKD motor cars
ISLAMABAD: A sharp growth has been witnessed in import of motor cars in the categories of Completely Build Unit (CBU) and Completely Knocked Down (CKD) during first nine months (July – March) of 2020/2021.
The import of motor cars in both the categories recorded over 100 percent growth.
According to data released by Pakistan Bureau of Statistics (PBS) the import of CBU motor cars increased by 149 percent to $161.21 million during first nine months of the current fiscal year as compared with $64.8 million in the corresponding period of the last fiscal year.
Similarly, the import of CKD cars increased by 113 percent to $733 million during July – March 2020/2021 as compared with $343.4 million in the same period of the last fiscal year.
Analysts said that import of CBU cars increased due to ease in air travel restrictions after reduction in coronavirus cases globally.
Besides, the import of CKD cars can be attributed to acceleration in domestic industrial activities after lifting of lockdown that was imposed to prevent spread of coronavirus cases.
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Country spends Rs248bn on mobile phones import
ISLAMABAD: Pakistan has imported mobile phones worth Rs248 billion during first nine months (July – March) of 2020/2021 owing to rise in demand of devices for digital financial system.
According to data released by Pakistan Bureau of Statistics (PBS) on Saturday, the country imported mobile phones worth 248 billion during July – March 2020/2021 as compared with 153 billion in the corresponding period of the last fiscal year, showing an increase of 62 percent.
The strong value of the dollar during the period forced higher import payment in terms of the Pak Rupee. The import of mobile phones in terms of US dollar increased by 56.74 percent to $1.53 billion during July – March 2020/2021 as compared with $980 million in the corresponding period of the last fiscal year.
Market sources said that coronavirus pandemic had limited the physical movement, which had given rise to online transactions. Mobile phones have played a major role in promoting the digital economy.
Further, the implementation of laws making it mandatory that only verified mobiles through the Pakistan Telecommunication Authority (PTA) to be activated for local services has also discouraged informal channels for the import of mobile phones.
They said that the depreciation of the Pak Rupee had also an impact on the surge of mobile phone imports.
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Pakistan exports textile products worth $11.35bn in nine months
KARACHI: Pakistan has exported textile products worth $11.35 billion during first nine months (July – March) 2020/2021, showing 9 percent growth, according to data released by Pakistan Bureau of Statistics (PBS) on Saturday.
The exports of textile products during the first nine months of the last fiscal year were at $10.41 billion, the PBS reported.
In terms of volume the export of knitwear was on the top in textile exports. The country exported knitwear products worth $2.78 billion during first nine months of the current fiscal year as compared with $2.29 billion in the corresponding months of the last fiscal year, showing a growth of 21 percent.
The export of readymade garments was recorded at $2.27 billion during July – March 2020/2021 as compared with $2.17 billion in the corresponding period of the last fiscal year.
The export of bedwear recorded 16.5 percent growth to $2.05 billion during first nine months of the current fiscal year as compared with $1.76 billion in the corresponding period of the last fiscal year.
The export of textile products in the month of March 2021 recorded 30 percent growth to $1.35 billion when compared with $1.04 billion in the same month of the last year.
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Import bill sharply grows by 70pc in March
ISLAMABAD: The import bill has recorded an unprecedented growth of 70 percent in March 2021 as compared with the same month of the last year, according to data released by Pakistan Bureau of Statistics (PBS).
The country spent $5.63 billion on the imports during March 2021 as compared with $3.31 billion in the same month of the last year.
Experts attributed the phenomenal rise in import bill during March 2021 due to significant decline in foreign trade in the same month of the last year because of restrictions imposed after coronavirus spread.
In March 2020 the government put a complete lockdown throughout the country in order to prevent spread of COVID-19.
Similarly in the month of March 2021, the exports recorded a sharp increase of 30.44 percent to $2.36 billion as compared with $1.81 billion in the same month of the last year.
Pakistan’s trade deficit has widened by 20 percent in first nine months (July – March) 2020/2021 owing to surge in import bill after ease in coronavirus related restrictions.
The trade deficit ballooned to $20.83 billion during first nine months of the current fiscal year as compared with $17.35 billion in the corresponding period of the last fiscal year.
The import bill for the period of July – March 2020/2021 increased to $39.51 billion as compared with $34.79 billion in the corresponding period of the last fiscal year, showing a rise of 13.57 percent.
On the other hand exports also increased by 7.12 percent to $18.68 billion during the first nine months of the current fiscal year as compared with $17.44 billion in the corresponding period of the last fiscal year.
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Headline inflation increases by 9.1 percent in March
ISLAMABAD: Headline inflation based on Consumer Price Index (CPI) has increased by 9.1 percent on year on year basis in March 2021 as compared to an increase of 8.7 percent in February 2021 and 10.2 percent in March 2020, Pakistan Bureau of Statistics (PBS) said on Thursday.
On month-on-month basis, it increased by 0.4 percent in March 2021 as compared to an increase of 1.8 percent in the previous month and an increase of 0.02 percent in March 2020.
CPI inflation Urban, increased by 8.7 percent on year-on-year basis in March 2021 as compared to an increase of 8.6 percent in the previous month and 9.3 percent in March 2020.
On month-on-month basis, it increased by 0.3 percent in March 2021 as compared to an increase of 2.3 percent in the previous month and an increase of 0.1 percent in March 2020.
CPI inflation Rural, increased by 9.5 percent on year-on-year basis in March 2021 as compared to an increase of 8.8 percent in the previous month and 11.7 percent in March 2020.
On month-on-month basis, it increased by 0.5 percent in March 2021 as compared to an increase of 1.1 percent in the previous month and a decrease of 0.1 percent in March 2020.
Sensitive Price Indicator (SPI) based inflation on YoY increased by 18.7 percent in March 2021 as compared to an increase of 11.9 percent a month earlier and an increase of 11.8 percent in March 2020.
On MoM basis, it increased by 5.7 percent in March 2021 as compared to an increase of 3.1 percent a month earlier and a decrease of 0.3 percent in March 2020.
Wholesale Price Index (WPI) based inflation on YoY basis increased by 14.6 percent in March 2021 as compared to an increase of 9.5 percent a month earlier and an increase of 9.3 percent in March 2020.
WPI inflation on MoM basis increased by 3.7 percent in March 2021 as compared to an increase of 2.2 percent a month earlier and a decrease of 0.9 percent in corresponding month i.e. March 2020.
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Pakistan imports mobile phones worth $1.31 billion in eight months
ISLAMABAD: Pakistan has imported mobile phones worth $1.31 billion during first eight months of the current fiscal year owing to rise in demand of such devices for digital financial system.
According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday the import of mobile phones worth $1.311 billion during July – February 2020/2021 as compared with $865 million in the corresponding period of the last fiscal year.
The strong value of the dollar during the period forced higher import payment in terms of the Pak Rupee. The import of mobile phones in terms of rupee surged by 58 percent to Rs213 billion during first eight months of the current fiscal year as compared with $134.8 billion in the corresponding period of the last fiscal year.
Market sources said that coronavirus pandemic had limited the physical movement, which had given rise to online transactions. Mobile phones have played a major role in promoting the digital economy.
Further, the implementation of laws making it mandatory that only verified mobiles through the Pakistan Telecommunication Authority (PTA) to be activated for local services has also discouraged informal channels for the import of mobile phones.
They said that the depreciation of the Pak Rupee had also an impact on the surge of mobile phone imports.