Tag: Import Decline

  • Pakistan’s exports to China surge to $1223.5 million

    Pakistan’s exports to China surge to $1223.5 million

    In a noteworthy development, Pakistan’s export of goods and services to China experienced a substantial increase of 39.44 per cent during the initial five months of the current fiscal year (2023–24), as reported by the State Bank of Pakistan (SBP).

    According to the latest SBP data, the overall exports to China reached $1223.532 million from July to November (2023–24), marking a significant rise compared to the $877.444 million recorded during the same period last fiscal year.

    On a year-to-year basis, the exports to China showed a remarkable growth of 36.29 per cent, rising from $199.058 million in November 2022 to $271.316 million in November 2023.

    However, on a month-on-month basis, there was a slight decline in exports to China during November 2023, registering a decrease of 14.90 per cent compared to the exports of $318.842 million in October 2023, as per the SBP data.

    Meanwhile, Pakistan’s overall exports to other countries exhibited a commendable increase of 4.99 per cent in the first five months, surging from US $11.915 billion to US $12.510 billion, according to the SBP data.

    In contrast, the imports from China into Pakistan during the reviewed months amounted to US $4741.099 million, reflecting a decline of 6.03 per cent compared to the corresponding period last year (2022–23).

    On a year-on-year basis, imports from China saw a notable increase of 10.71 per cent, rising from US $906.128 million in November 2022 to US $1003.248 million in November 2023.

    On a month-on-month basis, the imports from China recorded a marginal uptick of 0.99 per cent in November 2023 compared to the imports of US $993.401 million in October 2023, according to the data.

    The overall imports into Pakistan witnessed a significant decrease of 16.02 per cent, declining from $25.341 billion to US $21.281 billion, as reported by the data.

  • PKR gains ground against US dollar, closes at Rs283.26

    PKR gains ground against US dollar, closes at Rs283.26

    The Pakistani rupee (PKR) continued its positive trajectory against the US dollar (USD) for the fourth consecutive session, appreciating by 0.09 per cent in the inter-bank market on Friday.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs283.26, reflecting an increase of Re0.25.

    Thursday witnessed a marginal gain in the rupee, settling at Rs283.51 against the US dollar.

    The ongoing optimism is buoyed by the recently released trade figures for November, revealing a noteworthy 13.16 per cent month-over-month (MoM) and a substantial 31.72 per cent year-over-year (YoY) reduction in the trade deficit, amounting to $1.89 billion.

    Export figures exhibited a robust 7.66 per cent YoY surge, reaching $2.57 billion, while imports saw a YoY decline of 14.47 per cent, totaling $4.46 billion.

    On the global front, the US dollar remained near four-month lows on Friday, influenced by the increasing likelihood of US interest rate cuts in the coming year.

    Conversely, the euro and pound found support as their respective central banks reiterated the necessity for sustained higher interest rates.

    Amid an eventful week for central banks, clarity emerged regarding the potential timing of interest rate cuts following Federal Reserve Chair Jerome Powell’s statement during Wednesday’s meeting.

    Powell suggested that the tightening of monetary policy is likely concluding, with discussions about cuts coming “into view.”

    The Fed’s projections imply a 75-basis-point cut next year from the current level, leading to a broad decline of the greenback against its counterparts.

    The dollar index stands at 102.05, not far from the four-month low of 101.76 observed on Thursday, marking a 1.9 per cent decrease and its most significant weekly decline since July.

    Oil prices, a pivotal indicator of currency dynamics, saw an increase on Friday, set to achieve their first weekly rise in two months.

    This positive shift is attributed to a bullish forecast from the International Energy Agency (IEA) regarding oil demand for the upcoming year, coupled with a weaker dollar.

    Brent futures rose by 21 cents to $76.82 a barrel at 0918 GMT, while US West Texas Intermediate (WTI) crude also experienced a 21-cent climb, reaching $71.79.

  • Pakistan’s trade deficit shrinks by over 30% in November

    Pakistan’s trade deficit shrinks by over 30% in November

    In the initial five months of the fiscal year 2024, Pakistan’s trade performance has witnessed notable enhancements, marking a positive stride towards economic stability, as articulated by Dr Gohar Ejaz, the Federal Minister for Commerce and Industries, in a communication on X (formerly Twitter).

    The minister conveyed his unwavering confidence in Pakistan’s trajectory towards economic recovery, emphasising the commitment to diligent efforts aimed at job creation, economic growth, and the overall betterment of citizens’ lives.

    It is noteworthy that Pakistan’s exports experienced a year-on-year increase of 1.93 per cent, reaching $12.17 billion in the aforementioned five-month period, while imports exhibited a substantial decrease of 17.32 per cent to $21.55 billion.

    Consequently, the trade deficit contracted to $9.38 billion, registering a noteworthy decline of 33.59 per cent compared to the corresponding period in the preceding year.

    Zooming in on November’s performance, Pakistan’s exports demonstrated a robust year-on-year growth of 7.66 per cent, totaling $2.57 billion, whereas imports saw a decline of 13.47 per cent to $4.46 billion.

    This translated into a trade deficit of $1.89 billion for November, marking a notable reduction of 31.72 per cent compared to November 2022.