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Pakistan’s Current Account Deficit stands at $1.47bn in...

Posted on: 2021-09-17T13:06:50+05:00 26911

Imports into Pakistan surge by whopping 95% YoY in...

September 17, 2021 (MLN): Imports into Pakistan during August 2021 amounted to Rs. 1,081,961 million (provisional) as against Rs. 889,779 million (provisional) in July 2021 and Rs. 556,064 million during August 2020, showing an increase of 21.60% over July 2021 and of 94.57% over August 2020.

According to the provisional figures compiled by the Pakistan Bureau of Statistics, in terms of US dollars, the imports in August 2021 were $ 6,593 million (provisional) as compared to $ 5,575 million (provisional) in July 2021 showing an increase of 18.26% and by 98.82% as compared to $ 3,316 million in August 2020.

Imports during July – August 2021 totaled Rs. 1,971,740 million (provisional) as against Rs. 1,168,727 million during the corresponding period of last year showing an increase of 68.71%.

In terms of US dollars, the imports during July – August 2021 totaled $ 12,168 million (provisional) as against $ 6,990 million during the corresponding period of last year, showing an increase of 74.08%.

The main commodities of imports during August 2021 were Petroleum products (Rs. 146,370 million), Medicinal products (Rs.74,712 million), Petroleum crude (Rs.72,609 million), Natural gas, liquefied (Rs. 62,316 million), Palm Oil (Rs. 53,005 million), Plastic Materials (Rs. 43,624 million), Iron & steel (Rs.38,773 million), Electrical machinery & apparatus (Rs.35,333 million), Power generating machinery (Rs.28,834 million) and Iron & steel scrap (Rs. 28,731 million).

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Exports from Pakistan jump by 39% YoY in Aug’21:...

September 17, 2021 (MLN): Exports from Pakistan during August 2021 amounted to Rs. 368,847 million (provisional) as against Rs. 373,412 million (provisional) in July 2021 and Rs. 265,600 million during August 2020, showing a decrease of 1.22% over July 2021 but an increase of 38.87% over August 2020.

According to the provisional figures compiled by the Pakistan Bureau of Statistics, in terms of US dollars, the exports in August 2021 were $ 2,248 million (provisional) as compared to $ 2,340 million (provisional) in July 2021 showing a decrease of 3.93 but increased by 41.92% as compared to $ 1,584 million in August 2020.

Exports during July – August 2021 totaled Rs. 742,259 million (provisional) as against Rs. 599,255 million during the corresponding period of last year showing an increase of 23.86%.

In terms of US dollars, the exports during July – August 2021 totaled $ 4,587 million (provisional) against $ 3,584 million during the corresponding period of last year showing an increase of 27.99%.

Main commodities of exports during August, 2021 were Knitwear (Rs. 59,761 million), Readymade garments (Rs. 46,565 million), Bed wear (Rs. 43,448 million), Cotton cloth (Rs. 30,880 million), Cotton Yarn (Rs. 16,987 million), Rice others (Rs. 14,765 million), Towels (Rs.13,586 million), Madeup articles (excl. towels & bedwear) (Rs.10,845 million), Basmati rice (Rs.8,285 million) and Fruits (Rs.6,355 million).

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Gas supply to Agritech Ltd restored

September 17, 2021 (MLN): Agritech Limited (AGL) has informed that Sui Northern Gas Pipelines Limited (SNGPL) has restored gas supply to the company’s urea plant.

In a notice to PSX, SNGPL through a letter conveyed that the company shall be restored with effect from 0700 hours of 17th September 2021.

The urea plant has now resumed its operations after facing the load management plan of GOP regarding gas supply from June 29, 2021 till September 16, 2021.

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Pakistan has promising digital future: VC-CAFIEC

Sep 17, 2021: Pakistan has promising digital future and as an emerging economy, Pakistan is facing both opportunities and challenges, said Dai Xulong, vice-chairman of China Association for International Economic Cooperation (CAFIEC), Ministry of Commerce of China and president of Council for International Economic and Technology Administration, Beijing (CIETA).

"As an emerging economy, Pakistan is facing both opportunities and challenges. It is considered to be the fifth-largest young country in the world. Around 63 percent population of the country comprises youth aged between 15 and 33. The large proportion of young people means they are adaptable but they have weak spending power," Dai said in an interview.

To solve this, market segmentation would be a feasible way for Pakistan on its path to digitalization. "Some Chinese phone brands' performance in Pakistan has been impressive in recent years. "So to divide a target market into smaller, more defined categories would definitely help win more market share; that's what we could share with our Pakistani brothers" Dai added.

Since 2020, the COVID-19 pandemic stroked a blow to Pakistan's economy. The only way to deal with the crisis is to strengthen cooperation in digitalization at a deeper level and in broader areas, Dai Xulong pinpointed, since "no country can stay immune from COVID-19's impact."

As per Dai, digital technology has special edges during the unprecedented pandemic era. "Digital is going to transform you whether you like it or not," Dai told China Economic Net, adding that the pandemic was a knockout punch to the global real economy but the digital economy still has room to grow as it's pushing everyone to adjust themselves to the digital age faster than ever.

Take telecommunication as an example. Even 4G has not penetrated countrywide in Pakistan now, and there are still some areas that are yet to get 3G/4G service. Worst of all, the users who have not yet switched to smartphones will keep on using 2G-based phones.

However, it is worth mentioning that the pandemic has provided the telecom sector of Pakistan an opportunity to expand further and to strive to reduce existing digital inequality.

Pakistan's 3G and 4G user base have reached 101.59 million by the end of July 2021, up from 99.85 million at the end of June 2021, marking a 1.74 million increase, according to figures from Pakistan Telecommunication Authority (PTA). By the end of July 2021, Pakistan's cellular subscriber base has expanded by 0.65 million to 184.9 million, up from 184.25 million in June.

"We would like to share our experience in developing digital technology and scientific and technological innovation with Pakistan, but it takes a process," Dai explained, pointing out that the development of digital economy cannot be achieved without the development of digital infrastructure.

"China needs to take note of the importance of digital infrastructure when working with countries with weak digital infrastructure like Pakistan to promote its development of digital economy," he further mentioned.

Established in 1983, CAFIEC of the Ministry of Commerce of China is a national organization focusing on conducting activities, engaging in research and organizing exchanges in international economic cooperation and on China companies' outbound strategies.

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