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  • Headline inflation contracts to 8.63 percent in first half

    Headline inflation contracts to 8.63 percent in first half

    ISLAMABAD: The average headline inflation based on Consumer Price Index (CPI) contracted to 8.63 percent during the first half (July – December) of the current fiscal year, Pakistan Bureau of Statistics (PBS) said on Friday.

    The average inflation during the same half of the last fiscal year was 11.11 percent, it added. Whereas the average inflation was 5.96 percent during the same half of the fiscal year 2018/2019.

    The PBS said that CPI inflation general, increased by8.0 percent on year-on-year basis in December 2020 as compared to an increase of 8.3 percent in the previous month and 12.6 percent in December2019.

    On month-on-month basis, it decreased by 0.7 percent in December 2020 as compared to an increase of 0.8 percent in the previous month and a decrease of 0.3 percent in December 2019

    CPI inflation Urban, increased by 7.0 percent on year-on-year basis in December 2020 as compared to an increase of 7.0 percent in the previous month and 12.0 percent in December 2019.

    On month-on-month basis, it decreased by 0.3 percent in December 2020 as compared to an increase of 0.6 percent in the previous month and a decrease of 0.4 percent in December2019.

    CPI inflation Rural, increased by 9.5 percent on year-on-year basis in December 2020 as compared to an increase of 10.5 percent in the previous month and 13.6 percent in December 2019.

    On month-on-month basis, it decreased by 1.2 percent in December 2020 as compared to an increase of 1.1 percent in the previous month and a decrease of 0.3 percent in December 2019.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 9.1 percent in December 2020 as compared to an increase of 9.9 percent a month earlier and an increase of 18.1 percent in December 2019.

    On MoM basis, it decreased by 2.7 percent in December 2020 as compared to an increase of 1.1 percent a month earlier and a decrease of 2.0 percent in December 2019.

    Wholesale Price Indicator (WPI) inflation on YoY basis increased by 5.7 percent in December 2020 as compared to an increase of 5.0 percent a month earlier and an increase of 12.4 percent in December 2019.

    WPI inflation on MoM basis increased by 0.3 percent in December 2020 as compared to a decrease of 0.9 percent a month earlier and a decrease of 0.3 percent in corresponding month i.e. December 2019.

  • POL Products: import unit price plunges by 46%; retail price up 35% in five months

    POL Products: import unit price plunges by 46%; retail price up 35% in five months

    ISLAMABAD: The unit price of imported POL products fell by 46 percent during first five months (July – November) of the current fiscal year, yet the retail petrol price increased by 35 percent during the period under review.

    According to Pakistan Bureau of Statistics (PBS) the import of POL products fell by 16.51 percent to $1.815 billion during first five months of the current fiscal year as compared with $2.17 billion in the same period of the last fiscal year.

    At one end where import payment for finished petroleum produces fell by 16.51 percent the quantity of same products has increased by 54.42 percent during the period under review.

    The country paid $1.815 billion for the import of 6.08 million metric tons of petroleum products during July – November 2020. However, the payment for POL Products was $2.17 billion for the import of 3.93 million metric tons. Therefore, the unit price came down by 46 percent for the period under review.

    On the other hand, the government increased the price of petrol by 35 percent during the period under review. The per liter petrol was Rs74.52 on July 01, 2020 and it was increased to Rs100.69 per liter up to November 30, 2020.

    It is interestingly to note that the exchange rate during the period also witnessed appreciation in the local currency. The rupee appreciated by 4.47 percent during the period under review. The rupee was at Rs166.89 to the dollar on July 01, 2020 and it appreciated to Rs159.42 to the dollar on November 30, 2020.

  • Pakistan pays Rs119.22 billion for import of mobile phones

    Pakistan pays Rs119.22 billion for import of mobile phones

    ISLAMABAD: Pakistan has paid Rs119.22 billion for import of mobile phones during the first five months (July – November) of 2020/2021 owing to high demand for online financial transactions in the wake of coronavirus.

    According to data released by Pakistan Bureau of Statistics (PBS), the import of mobile phones surged by 53 percent to Rs119.22 billion during the first five months of the current fiscal year as compared with Rs78 billion in the corresponding months of the last fiscal year.

    Industry sources said that the import of mobile phones surged due to the coronavirus pandemic and people opted to make financial transactions through an online system.

    Further, they said the implementation of laws making it mandatory that only verified mobiles through Pakistan Telecommunication Authority (PTA) to be activated for local services has also discouraged informal channels for import of mobile phones.

    They said that the depreciation of Pak Rupee had also an impact on the surge of mobile phone imports.

    The import of mobile phones in terms of dollar grew by 45 percent to $724 million during the first five months of the current fiscal year as compared with $498 million in the same period of the last fiscal year.

  • Car import surges by 194 percent in five months

    Car import surges by 194 percent in five months

    ISLAMABAD: The Import of motor cars in Completely Built Unit (CBU) has surged by 194 percent during the first five months (July – November) of the current fiscal year owing to ease in travel restrictions that were imposed due to the coronavirus pandemic.

    According to the Pakistan Bureau of Statistics (PBS), the import of cars increased to $77 million during the first five months of the current fiscal year as compared with $26.13 million in the same period of the last fiscal year.

    As per import policy of Pakistan every person can bring a new motor car by paying prevailing rate of duty and taxes. However, the commercial import of motor cars is not allowed.

    The import of used cars are allowed under various schemes to facilitate Pakistanis living abroad. The overseas Pakistanis can bring motor cars under personal baggage, transfer of resident or gift schemes.

    New vehicles can be imported into Pakistan freely by any one against payment of duty & taxes under generally applicable import procedures and requirements.

    Officials in Pakistan Customs said that Pakistani nationals residing abroad including dual nationals can import old and used vehicles into Pakistan under the following 03 schemes: Personal Baggage; Gift Scheme; Transfer of Residence.

    Cars not older than 03 years and other vehicles not older than 05 years can be imported under these schemes.

    The structure of duty and taxes under these 03 schemes remains the same. Motorcycles and Scooters can only be imported under Transfer of Residence Scheme.

    Students receiving remittance from Pakistan, non-earning members of the Pakistani nationals living abroad and those who have imported, gifted or received a vehicle in the past two years are not eligible.

    The customs authorities said that all vehicles in new/used condition to be imported under transfer of residence, personal baggage or under gift scheme, the duty and taxes shall be paid out of foreign exchange arranged by Pakistan nationals themselves or local recipient supported by bank enchashment certificate showing conversion of foreign remittance to local currency, as under:

    a. the remittance for payment of duty and taxes shall originate from the account of Pakistani national sending the vehicle from abroad; and

    b. the remittance shall either be received in account of Pakistani national sending the vehicle from abroad or, in case, his account is non-existent or inoperative, in the account of his family.

  • Pakistan’s knitwear export jumps up by 14.34 percent in five months

    Pakistan’s knitwear export jumps up by 14.34 percent in five months

    KARACHI: Pakistan’s knitwear export has jumped up by 14.34 percent to $1.51 billion during the first five months (July – November) of the current fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The export of knitwear was at $1.32 billion during the same period of the last fiscal year.

    The total export of textile products posted five percent growth to $6.04 billion during the first five months of the current fiscal year as compared with $5.76 billion in the corresponding months of the last fiscal year.

    The export of knitwear remained the largest component contributing around 25 percent of the total textile export.

    In terms of value, export of readymade garments was the second largest component of textile export. The export of readymade garments posted 4.36 percent growth to $1.2 billion during July – November 2020/2021 as compared with $1.15 billion in the corresponding period of the last fiscal year.

    The export of bedwear registered 12.28 percent increase to $1.138 billion during the first five months of the current fiscal year as compared with $1.01 billion in the same period of the last fiscal year.

    The export of cotton cloth fell by 8.73 percent to $773.17 million during July – November 2020/2021 as compared with $847 million in the corresponding period of the last fiscal year.

    Similarly, the export of cotton yarn fell by 37.34 percent to $304.55 million during the period under review as compared with $486 million in the same period of the last fiscal year.

  • Pakistan’s exports grow by 2.11 percent in five months

    Pakistan’s exports grow by 2.11 percent in five months

    ISLAMABAD: Pakistan’s exports have shown resilience amidst global economic challenges, recording a 2.11% increase to $9.737 billion in the first five months (July – November) of the current fiscal year 2020/2021, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.

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  • Headline inflation contracts at 8.3 percent in November

    Headline inflation contracts at 8.3 percent in November

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) in Pakistan witnessed a contraction of 8.3 percent on a Year-on-Year (YoY) basis in November 2020, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.

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  • Textile exports increase to $4.76bn in four months

    Textile exports increase to $4.76bn in four months

    ISLAMABAD: The exports of textile products have increased by 3.78 percent to $4.76 billion during first four months (July – October) of 2020/2021, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The exports of textile products were $4.58 billion in the corresponding period of the last fiscal year.

    The textile exports were able to post positive growth due to better performance in knitwear, bedwear, towels and readymade garments.

    The export of knitwear registered 12.3 percent growth to $1.18 billion during the first four months of current fiscal year as compared with $1.05 billion in the corresponding period of the last fiscal year.

    The export of bedwear posted a 10 percent increase to $899 million during July – October of the current fiscal year as compared with $818 million in the same period of the last fiscal year.

    The export of towels increased by 12.35 percent to $283 million during the period under review as compared with $252 million in the corresponding period of the last fiscal year.

    The export of readymade garments registered an increase of 4.66 percent to $947 million during the first four months of the current fiscal year as compared with $905 million in the same period of the last fiscal year.

    The export of raw cotton and cotton this year posted negative growth of 95.72 percent and 40.56 percent, respectively during the two periods under review.

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  • Pakistan imports mobile phones worth Rs92.8 billion in four months

    Pakistan imports mobile phones worth Rs92.8 billion in four months

    KARACHI: Pakistan has imported mobile phones worth Rs92.8 billion during the first four months of the current fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.

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  • Car import climbs up by 185 percent in July – October

    Car import climbs up by 185 percent in July – October

    ISLAMABAD: The import of motor cars has climbed up by 185 percent during first four months (July – October) of current fiscal year 2020/2021 after ease in coronavirus lockdown.

    The import of Completely Built Units (CBU) motor cars increased to $58 million during July – October of the current fiscal year as compared with $20.24 million in the same period of the last fiscal year, Pakistan Bureau of Statistics (PBS) said on Wednesday.

    Industry experts said that as coronavirus lockdown eased in Pakistan as well as in other countries, the overseas Pakistanis cleared the motor vehicles under various schemes granted by the government.

    The commercial import of motor cars is not allowed in Pakistan. However, Pakistanis are allowed to bring motor vehicles under schemes including transfer of residence, gift scheme and personal baggage.

    In the past these scheme were grossly misused and the government while taking strict action imposed restriction that clearance of motor vehicles would only be allowed on payment of duty and taxes out of those amount which was remitted into Pakistan with evidence of banking channels.

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