Tag: pbs data

  • Pakistan’s trade deficit drops 15.25% amid export surge

    Pakistan’s trade deficit drops 15.25% amid export surge

    Pakistan’s trade deficit for the eleven months of fiscal year 2023-24 decreased by 15.25 per cent year-on-year (YoY) to $21.73 billion, compared to $25.64 billion in the same period last fiscal year.

    The trade deficit in May 2024 slightly increased by 0.1 per cent YoY to $2.11 billion, compared to $2.11 billion in May 2023. However, on a monthly basis, the trade deficit dropped by 15.4 per cent compared to April 2024, when it stood at $2.5 billion.

    According to data from the Pakistan Bureau of Statistics (PBS), exports in May surged by 27.1 per cent YoY to $2.79 billion, up from $2.2 billion in May 2023. Monthly exports also showed a notable increase of 18.8 per cent compared to April 2024, which recorded exports at $2.35 billion.

    On the other hand, imports during May 2024 grew by 13.9 per cent YoY, reaching $4.9 billion, compared to $4.3 billion in May 2023. In comparison to April 2024, imports saw a slight uptick of 1.2 per cent month-on-month (MoM), compared to $4.85 billion.

    These figures reflect a mixed trend in Pakistan’s trade dynamics, with a notable reduction in the annual trade deficit but a slight increase in the monthly deficit, driven by a significant surge in exports and a moderate rise in imports.

  • Yearly basis: Weekly inflation stays above 34%

    Yearly basis: Weekly inflation stays above 34%

    In the week concluding on February 15, 2024, the Weekly Sensitive Price Indicator (SPI) for the Combined Group exhibited a slight decrease of 0.78 per cent week-over-week (WoW).

    However, compared to the same period last year, the SPI surged by 34.25 per cent YoY, according to data released by the Pakistan Bureau of Statistics (PBS).

    The combined index, standing at 315.18, marked a slight dip from 317.65 recorded on February 8, 2024. A year ago, on February 16, 2023, the index was substantially lower at 234.77.

    Analysing the data further, out of the 51 items monitored, the average price of 22 items increased, 11 items witnessed a decrease, and 18 items remained stable.

    Notably, PBS did not release SPI data last week, following a 0.28 per cent WoW decline in the preceding week.

    During the week under review, significant decreases were noted in the prices of eggs (28.82 per cent), chicken (4.23 per cent), onions (3.48 per cent), LPG (2.85 per cent), and gur (1.13 per cent).

    Conversely, notable increases were observed in the prices of bananas (4.64 per cent), potatoes (2.80 per cent), match boxes (1.31 per cent), long cloth (1.29 per cent), and cooked daal (0.77 per cent).

    Analysing the SPI percentage change by income groups, a uniform decline of -0.82 per cent to -0.72 per cent was witnessed across all quantiles.

    The lowest-income group experienced a weekly decline of 0.78 per cent, while the highest-income group recorded a decrease of 0.77 per cent.

    On a yearly basis, SPI increased across all quantiles, ranging between 28.68 per cent and 38.54 per cent. The lowest-income group saw a 28.68 per cent increase, while the highest-income group recorded a 32.08 per cent rise.

    The average price of Sona urea fell to Rs4,513 per 50 kg bag, marking a 0.50 per cent decrease from last week and a significant 54.84 per cent increase from the previous year.

    Meanwhile, the average cement price recorded at Rs1,234 per 50 kg bag marked a 2.05 per cent increase from the previous week and a 14.27 per cent hike from the prices recorded last year.

    In a volatile market environment, these fluctuations in the SPI indicate the dynamic nature of the economic landscape, impacting consumers across various income groups.