Tag: Commerce

  • Pakistan’s exports surge by 8.93% to Rs22.91 billion

    Pakistan’s exports surge by 8.93% to Rs22.91 billion

    Pakistan’s export sector has shown a notable surge, with an 8.93 per cent increase recorded in the initial nine months of the current fiscal year (2023–24) compared to the corresponding period in the previous year.

    Data released by the Pakistan Bureau of Statistics (PBS) indicates that exports soared to $22.914 billion from July to March (2023–24), marking a significant rise from the $21.036 billion recorded during the same timeframe in 2022–2023.

    Conversely, imports experienced a decline of 8.65 per cent, dropping to $39.944 billion from $43.724 billion in the previous year.

    This resulted in a notable improvement in the trade deficit, which amounted to $17.030 billion for the first nine months of the current fiscal year, showcasing a substantial decrease of 24.94 per cent from the $22.688 billion recorded during the corresponding period last year.

    Analyzing the performance for March 2024 against March 2023, exports registered a notable uptick of 7.99 per cent on an annual basis, climbing from $2.366 billion to $2.555 billion.

    Conversely, imports surged by 25.86 per cent, reaching $4.726 billion compared to $3.755 billion in March 2023.

    In terms of month-to-month performance, while exports in March 2024 experienced a marginal decline of 1.08 per cent from February 2024’s $2.583 billion, imports demonstrated a noteworthy increase of 9.25 per cent from the $4.326 billion recorded in February 2024, as per PBS data.

    Pakistan, exports, trade deficit, fiscal year 2023–24, economic growth, Pakistan Bureau of Statistics, imports, March 2024, global trade, commerce, trade statistics,

  • Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    On Tuesday, Pakistan and the United States (US) reached a consensus to foster close collaboration in various facets of bilateral trade and investment, with the primary objective of amplifying economic cooperation between the two nations.

    Dr Gohar Ejaz, Minister for Commerce and Industries, and Ambassador Katherine Tai, the US Trade Representative, convened a virtual meeting to assess the progress achieved subsequent to the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting held earlier in the year.

    Ambassador Tai underscored the significance of Pakistan as a pivotal trading partner for the US, recognising the enduring engagement between both countries as an encouraging sign.

    Minister Ejaz apprised Ambassador Tai of the government’s endeavours to enhance the business environment. He proposed the consideration of duty-free access for textile and garment exports to the US, given that Pakistan imports a substantial portion of its cotton from the United States.

    Furthermore, Minister Gohar Ejaz recommended exploring opportunities for joint ventures in textile and industrial manufacturing to enhance bilateral trade.

    The interim minister emphasised that the US serves as a prime destination for IT and ITeS exports from Pakistan, suggesting that both nations can reap mutual benefits from the immense potential in the field of information technology.

  • Commerce minister warns of financial loss over proposed early market closure 

    Commerce minister warns of financial loss over proposed early market closure 

    Caretaker Minister for Commerce, Industries, and Production, Dr Gohar Ejaz, has voiced his opposition to the early market closure proposed as part of the energy conservation plan, expressing concerns over the significant financial losses the government could incur as a result.  

    According to ARY News, Dr Ejaz said that Pakistan currently has a surplus of electricity, making the decision to close markets prematurely economically unfavorable. 

    He revealed that recommendations were sought from all chambers of commerce across the country within a 30-day period. Additionally, Dr Ejaz announced an upcoming anti-gas theft initiative following the anti-power theft operation. He urged traders to be flexible, considering the limited gas resources in the country. 

    Furthermore, he revealed plans to invite 100 international brands to a conference in Pakistan, granting them the status of state guests. Dr Ejaz also mentioned the current exchange rate of the US dollar, which stands at Rs260. 

    To encourage the purchase of electricity from Thar, he directed Sindh and Punjab to do so, promising tax exemptions if they comply. This move aims to make electricity tariffs in these regions more competitive. 

    The caretaker minister stressed the need to boost exports, pointing out that Pakistan’s foreign direct investment is contingent on increased exports. He called for cooperation from business leaders to resolve various issues.  

    Dr Ejaz expressed his commitment to serving the country and previously outlined plans to support industry stakeholders in boosting exports and establishing business parks in major cities to stimulate economic growth. 

  • Global oil prices rise amid supply concerns

    Global oil prices rise amid supply concerns

    Oil prices increased on April 20, swamped by fears about tightening supply as the European Union (EU) considers a possible ban on Russian oil imports, which would further impede global oil commerce.

    After reaching a high of $109.80, Brent oil futures finished up $1.53 to close at $108.33 a barrel. After earlier reaching a high of $105.42, U.S. West Texas Intermediate (WTI) crude futures ended up $1.60, or 1.6 per cent, at $103.79.

    Consumers also reacted to continued disruptions in Libya, where blockades at major fields and export terminals have resulted in a loss of about 550,000 barrels per day of oil supply.

    Brent has climbed about 8 per cent in the last seven days of trading, but the advance has been calm and steady, unlike the frenzy that surrounded Russia’s invasion of Ukraine in late February and again in mid-March.

    Last week, US crude exports increased to more than 4 million barrels per day, slightly countering Russian crude losses caused by US and European bans.

    Read more: Pakistani rupee plunges by Rs1.05 against the US dollar

    The oil market is still constrained, with the Organization of Petroleum Exporting Countries and its affiliates, led by Russia, striving to achieve output commitments and US crude inventories plunging dramatically in the week ending April 15.