Tag: trade

  • Pakistan’s exports surpass Rs4,300 billion, up by 35.33% in six months

    Pakistan’s exports surpass Rs4,300 billion, up by 35.33% in six months

    The Pakistan Bureau of Statistics (PBS) has reported a substantial increase of 35.33 per cent in the country’s exports in rupee terms during the first half of the current fiscal year, as compared to the corresponding period of the previous year.

    According to provisional data released by PBS, exports from July to December 2023 amounted to Rs4,300,752 million, a significant rise from Rs3,177,893 million recorded during the same period last year.

    On a year-on-year basis, exports for December 2023 witnessed a remarkable surge of 54.59 per cent, reaching Rs799,588 million, compared to Rs517,240 million in October 2022.

    Additionally, on a month-on-month basis, exports increased by 8.86 per cent when compared to the figure of Rs734,541 million reported in November 2023.

    The key commodities contributing to this growth in December 2023 were rice other than basmati (Rs124,040 million), knitwear (Rs103,898 million), readymade garments (Rs84,569 million), bedwear (Rs64,119 million), cotton cloth (Rs40,678 million), cotton yarn (Rs26,984 million), towels (Rs24,814 million), rice basmati (Rs22,888 million), articles excluding towels and bedwear (Rs16,991 million), and meat and meat preparations (Rs12,472 million).

    In contrast, imports during July–December 2023–24 amounted to Rs7,533,700 million, showing an increase of 8.20 per cent compared to Rs6,962,865 million during the corresponding period last year.

    On a year-on-year basis, December 2023 imports totaled Rs1,317,463 million, reflecting a 13.94 per cent increase from December 2022. Moreover, on a month-on-month basis, imports increased by 1.66 per cent in December 2023 compared to Rs1,295,968 million in November 2023.

    The main commodities of imports during December 2023 were petroleum crude (Rs158,260 million), petroleum products (Rs150,888 million), natural gas, liquified (Rs109,516 million), electric machinery & apparatus (Rs63,667 million), palm oil (Rs60,316 million), plastic materials (Rs52,218 million), mobile phones (Rs49,887 million), iron & steel (Rs41,654 million), iron and steel scrap (Rs30,426 million), and motor cars (Rs29,543 million).

    This surge in exports, coupled with a measured rise in imports, signifies a positive trend in Pakistan’s trade balance, reflecting the resilience and competitiveness of the country’s export sector.

  • 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.

  • Knitwear tops the list: Pakistan’s exports surge by 25.54%

    In the fiscal year 2023–24, Pakistan’s exports, denominated in rupees, experienced a notable 25.54 per cent increase during the first quarter (Q1) compared to the previous year, as per the Pakistan Bureau of Statistics (PBS).

    Between July and September 2023, exports amounted to Rs2,013,533 million, marking a 25.54 per cent boost from the same period in the previous year, according to PBS’s provisional data.

    Looking at year-on-year figures, September 2023’s exports surged by 31.27 per cent, totaling Rs737,295 million, compared to Rs561,643 million in September 2022.

    On a month-to-month basis, exports grew by 6.06 per cent, reaching Rs737,295 million in August 2023.

    Key export categories in August 2023 included knitwear (Rs103,029 million), readymade garments (Rs74,608 million), bed wear (Rs69,234 million), cotton cloth (Rs51,891 million), oil seeds, nuts, and kernels (Rs46,571 million), cotton yarn (Rs33,815 million), rice and others (Rs32,324 million), towels (Rs25,116 million), rice basmati (Rs19,008 million), and miscellaneous articles, excluding towels and bed wear (Rs16,922 million).

    On the other hand, imports during July to September 2023 (FY2023-24) totaled Rs3,560,763 million, showing a decrease of 2.45 per cent compared to the same period in the previous year.

    In a year-on-year comparison, imports into Pakistan during September 2023 amounted to Rs1,189,167 million, a 2.52 per cent decline from September 2022.

    Month-on-month data indicated a 10.62 per cent increase in imports in September 2023 compared to August 2023.

    Key imported commodities in September 2023 included petroleum products (Rs162,087 million), petroleum crude (Rs146,179 million), liquefied natural gas (Rs75,331 million), palm oil (Rs61,388 million), plastic materials (Rs49,628 million), electric machinery and apparatus (Rs44,699 million), iron and steel (Rs44,191 million), mobile phones (Rs37,093 million), iron and steel scrap (Rs27,299 million), and pulses/leguminous vegetables (Rs22,208 million).

  • Israel-Palestine war will not affect any economic agreements, UAE

    Israel-Palestine war will not affect any economic agreements, UAE

    The trade minister of the United Arab Emirates has clarified that the Israel war on Gaza will not affect any economic agreements.

    “We don’t mix economy and trade with politics,” Thani al Zeyoudi told reporters in Dubai on Tuesday.

    Amidst the decades long pro-Palestine policy of the Arab world, UAE was the first Gulf country to establish relations with Israel in 2020. Is also the first Arab state to have a free trade agreement with Israel as in March, as the two countries signed the Comprehensive Economic Partnership Agreement (CEPA).

    The recent claim is followed by a statement issued by UAE on October 8, 2023, in which the country strongly condemned Hamas attacks on Israelis, stating that, “attacks by Hamas against Israeli towns and villages near the Gaza strip, including the firing of thousands of rockets at population centers, are a serious and grave escalation.”

    The ministry of foreign affairs was “appalled” by the reports of the abduction of Israeli civilians, calling for the protection of civilians on both sides

    “The UAE remains in close contact with all regional and international partners to swiftly de-escalate the situation and restore calm in Israel and the OPT and a return to negotiations for a final settlement within the parameters of the two state solution for Palestinians and Israelis, who deserve to live in peace and dignity.”, the statement concluded.

  • Fungus found: UAE bans fresh meat imports from Pakistan

    Fungus found: UAE bans fresh meat imports from Pakistan

    The United Arab Emirates (UAE) has imposed a ban on the importation of fresh meat from Pakistan.

    This decision stems from the discovery of fungal contamination in frozen meat shipments from Pakistan via the sea route.

    As reported by ARY News, the presence of fungus on meat imported by a Karachi-based company prompted the UAE to enact this ban, which will be in effect until October 10.

    It’s worth noting that Pakistan typically exports fresh meat valued at $12 million monthly to the UAE through maritime channels.

    Pakistan primarily directs a significant portion of its meat exports towards the United Arab Emirates, Saudi Arabia, and Bahrain.

  • Rice exports from Pakistan decline by 17.33% in first two months of current fiscal year 

    Rice exports from Pakistan decline by 17.33% in first two months of current fiscal year 

    During the initial two months of the current fiscal year, a total of 340,237 metric tonnes of rice, with a market value of $233.991 million, were exported. This marked a notable contrast with the previous year’s corresponding period, which recorded exports of 507,144 metric tonnes of rice valued at $283.056 million.  

    According to data provided by the Pakistan Bureau of Statistics, rice exports from July to August 2023 witnessed a 17.33 per cent decline in comparison to the same period in the previous year. 

    However, within this timeframe, Basmati rice exports experienced 8.29 per cent growth. Approximately 79,257 metric tonnes of Basmati rice, valued at $94.733 million, were exported, compared to the previous year’s figures of 84,709 metric tonnes at a cost of $87.480 million. 

    Concurrently, the nation achieved earnings of $39.338 million by exporting approximately 20,539 metric tonnes of fish and fish preparations, showing an improvement from the previous year when 15,922 metric tonnes of these products were exported, amounting to $38.086 million. 

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    It is noteworthy that overall food group exports in the first two months of the current fiscal year registered a modest decrease of 1.65 per cent. The total value of food commodities exported during this period amounted to $711.748 million, contrasting with the previous year’s export value of $723.696 million for the same duration. 

    On the other hand, food group imports into the country during the initial two months of the current fiscal year witnessed a substantial decline of 26.91 per cent when compared to the corresponding period of the previous year. From July to August 2023, food imports decreased from $1.783 billion to $1.303 billion. 

  • Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    The Pakistani rupee continued its unsettling descent, marking a fresh all-time low against the US dollar, with a settlement at Rs301 in the inter-bank market on Friday. As reported by the State Bank of Pakistan (SBP), the local currency reached the 301 mark, experiencing a decline of Re0.78 or 0.26 per cent.

    On the preceding day, the rupee concluded at a historic low against the US dollar, reaching a settlement of Rs300.22.

    On the global front, the US dollar achieved its highest position in over two months on Friday, poised for its sixth consecutive week of gains, as financial markets eagerly awaited a speech by Federal Reserve Chair Jerome Powell to gain insights into the trajectory of monetary policy.

    The dollar index, a measure of the US dollar’s strength against six other major currencies, witnessed a 0.019 per cent increase, reaching 104.11, the highest level since June 7. With a 2 per cent increase in August, the index is poised to end its two-month losing streak.

    Oil prices, a pivotal gauge of currency equilibrium, surged by over 1 per cent on Friday due to the firming of the dollar, as anticipation built ahead of a highly awaited speech by the head of the US Federal Reserve. This speech is expected to provide insights into the future of interest rates.

  • UK introduces new trade plan, offering duty-free access to 94% Pakistani products

    UK introduces new trade plan, offering duty-free access to 94% Pakistani products

    The United Kingdom has taken a momentous step in strengthening commercial ties with 64 nations, including Pakistan, by launching a new trading plan that offers duty-free access to goods.

    This move is expected to have a significant impact on Pakistani exports, allowing a staggering 94 per cent of goods to enter the British market without any duties, resulting in substantial savings of £120 million for the country.

    With the replacement of the Generalised System of Preferences (GSP), the UK’s new trade system opens up new avenues for trade and promises further tariff reductions for an additional 156 items.

    The implementation of the new trade system marks a significant development for Pakistani exports to the United Kingdom. By providing duty-free access to a vast majority of Pakistani goods, the UK aims to foster a mutually beneficial trade relationship. This move is expected to boost the trading possibilities between the two nations and facilitate an expansion of bilateral trade.

    According to the British High Commission, the current annual trade volume between Pakistan and the UK stands at £4.4 billion, and these figures are expected to rise in the future.

    The new trading plan aims to extend opportunities for free and fair trade to 65 nations, including Pakistan. By facilitating necessary changes and improvements, the UK seeks to enhance the quality of trade and enable these countries to actively participate in the global trading system. The British Trade Centre will play a crucial role in supporting and assisting these nations in their trade endeavors.

    Notably, this new plan also benefits 26 Asian nations and 37 African nations, collectively amounting to an export volume of £21 billion to the UK.

    The new trade system also promises further tariff reductions and increased trading possibilities for participating nations. With this plan in place, the UK aims to promote free and fair trade, strengthen global trading systems, and foster economic growth for all involved parties.

  • Pakistan and Russia aim to strengthen bilateral relations in trade, investment, and energy sectors

    Pakistan and Russia aim to strengthen bilateral relations in trade, investment, and energy sectors

    In an effort to strengthen bilateral relations between Pakistan and Russia, Chairman Senate Muhammad Sadiq Sanjrani engaged in productive talks with Chairman of the Russian Duma, Mr Volodin, during a delegation-level meeting held in Moscow on Wednesday.

    The discussion encompassed various areas of mutual interest and emphasised the significance of parliamentary exchanges in fostering effective diplomacy.

    A press release issued by the Pakistan embassy in Moscow highlighted the consensus reached during the meeting. Both sides expressed their commitment to enhancing parliamentary interaction between the two nations. This step is expected to bolster bilateral ties and pave the way for increased cooperation in trade, investment, and energy sectors.

    Chairman Sanjrani reiterated Pakistan’s dedication to strengthening relations with Russia across all domains of mutually beneficial cooperation. Trade, investment, and energy were particularly emphasised as key areas for future collaboration.

    The significance of continued cooperation in international forums, such as the United Nations and the Shanghai Cooperation Organisation (SCO), was also acknowledged and agreed upon by both parties.

    During the talks, Chairman Sanjrani extended an invitation from the Speaker of the National Assembly of Pakistan to Chairman Volodin, inviting him to visit Pakistan. In a positive response, Chairman Volodin accepted the invitation, reflecting the willingness of both countries to further solidify their ties.

    The meeting between Chairman Senate Sanjrani and Chairman Volodin serves as a significant milestone in the diplomatic efforts between Pakistan and Russia. It highlights the mutual desire to strengthen bilateral relations and lays the groundwork for increased cooperation in various fields, including trade, investment, and energy.

    The forthcoming visit of Chairman Volodin to Pakistan is expected to further enhance the ties between the two nations and open new avenues for collaboration.

  • China lifts ban on seafood product imports from Pakistan

    China lifts ban on seafood product imports from Pakistan

    China’s General Administration of Customs (GAC) has confirmed the resumption of aquatic product imports from Pakistan and several other countries, aiming to enrich the supply of domestic aquatic products and boost the stability of the seafood industry and supply chains. In a statement released on May 26, the GAC announced that imports from 20 overseas companies would be allowed.

    The GAC statement revealed that the 20 companies resuming exports to China are based in various countries, including Pakistan, Brazil, Malaysia, Spain, New Zealand, and Indonesia.

    This move comes after China suspended imports from eight overseas suppliers last year due to non-compliance with safety and hygiene controls, as well as inadequate adherence to COVID-19 control measures set by the United Nations Food and Agriculture Organization.

    Although industry experts told the Global Times that this recent change would not have a significant impact on overall supply in China, they acknowledged that the rise in seafood imports reflected a growing demand among Chinese consumers.

    Cui He, Director of the China Aquatic Products Processing and Marketing Alliance, stated that the increase in imports was driven by China’s expanding consumption patterns and its customers’ preference for quality aquatic products offered by some overseas companies.

    According to Geo, China’s seafood imports have been on the rise, primarily sourced from countries such as Russia, Australia, and Argentina, according to Cui. Last year, China experienced a 35 per cent surge in seafood imports, reaching a value of $19.13 billion, as reported by data from the International Trade Centre.

    The GAC emphasised its commitment to strengthening the management of imported food safety. While the resumption of imports from Pakistan and other countries is expected to contribute to the diversification of China’s aquatic product supply, the focus on ensuring the safety and quality of imported food remains a priority for Chinese authorities.