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Pharmaceutical goods’ export increase 4.49% in 7MFY20

February 25, 2020: The export of pharmaceutical goods from the country witnessed an increase of 4.49 percent during the first seven months of the current financial year (2019-20) as compared to the export of corresponding period of last year.

The pharmaceutical exports were recorded at $129.100 million during July-January (2019-20) as against the export of $123.555 million during July-January (2018-19), showing the growth of 4.49 percent, according to the Pakistan Bureau of Statistics (PBS).

In term of quantity, the export of pharmaceutical products also increased by 8.25 percent by going up from 7,588 metric ton to 8,214 metric ton, according to the data.

Meanwhile, year- on- year basis the pharmaceutical export, however, witnessed a nominal decline of 0.41 percent during the month of January 2020 as compared to the same month of last year.

The pharmaceutical exports in January 2020 were recorded at $16.999 million against the export of $17.069 million in January 2019, the PBS data revealed.

On month- on- month basis, the exports of pharmaceutical product decrease by 12.30 percent in January 2020 when compared to $19.384 million in December 2019.

It is pertinent to mention here that the country's merchandise trade deficit plunged by 28.40 percent during the first seven months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

During the period under review, the country’s exports registered about 2.14 per cent growth, whereas imports reduced by 15.95 per cent, according the foreign to trade statistics, released by the Pakistan Bureau of Statistics (PBS).

During the period from July-January (2019-20), exports reached to $13.498 billion against the exports of $13.216 billion of the same period of last year, it added.

Meanwhile, the country’s imports witnessed a significant decrease of 15.95 % as these went down from $32.420 billion in first seven months of last financial year to $27.249 billion of the same period of the current financial year, it said.

APP

NEPRA calls for hearing on K-Elecric’s requests regarding fuel...

February 25, 2020 (MLN): K-Electric has submitted the requests for fuel adjustments to National Electric Power Regulatory Authority (NEPRA), on monthly and quarterly basis, the hearing for which is expected to be held on March 4, 2020.

According to the notice released by NEPRA, the company has requested an increase of Rs. 1.130 per kilowatt in fuel adjustment for July 2019, Rs. 0.781 per kilowatt for August 2019, and Rs. 0.404 per kilowatt for September 2019.

On the other hand, it has requested a cut of Rs. 0.198 per kilowatt in fuel adjustment for October 2019, Rs. 1.901 per kilowatt for November 2019 and Rs. 2.354 per kilowatt for December 2019.

Regarding the quarterly fuel adjustments, the company has asked for an increase of Rs. 1.377 per kilowatt in fuel adjustment for April to June 2019, and a cut of Rs. 1.444 per kilowatt in fuel adjustment for July to September 2019.

The company also raised issues pertaining to Cost of KANUPP, Capacity cost of SNPC I and II, Average Sale Rate, Adjustment for Negative FCA for certain categories, WPPF of FPCL, Capacity cot of STDC and Write-offs.

Copyright Mettis Link News

Global Stocks rally on strong jobs data

European stock markets stage modest rebound at open

Feb 25, 2020: European stocks rebounded somewhat at the open on Tuesday, after dizzying declines across the globe the day before sparked by fears about the economic fallout of the coronavirus.

At the start of trade, London's benchmark FTSE 100 index of leading blue-chip firms ticked 0.5 percent higher to 7,194.73 points.

In the eurozone, Frankfurt's DAX 30 index won 0.6 percent to 13,119.14 points and the Paris CAC 40 also increased 0.6 percent to 5,827.70 compared with the close on Monday.

Global stocks were hammered Monday as fears mounted that the new coronavirus would derail economic growth.

Stock prices in Frankfurt and Madrid fell by 4.0 percent, Paris shed 3.9 percent and London lost 3.3 percent.

News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked a rout on trading floors across the world, with the Dow on Wall Street suffering its worst day in two years.

AFP/APP

Gold imports increase 3.61% YoY in 7MFY20

February 25, 2020: The gold imports into the country increased by 3.61 percent during the first seven months of the current financial year (2019-20) as compared to the corresponding period of last year.

Pakistan imported gold worth $10.068 million during July-January (2019-20) compared to the imports of $9.717 million during July-January (2018-19), showing a growth of 3.61 percent, according to the Pakistan Bureau of Statistics (PBS).

In terms of quantity, the country imported 240 kilograms of gold during the period under review compared to imports of 248 kilograms during last year, showing a decrease of 3.23 percent.

Meanwhile, on a year-on-year basis, the gold imports into the country during January 2020 decreased by 7.13 percent when compared to the imports of the same month of the last year.

The gold imports during the month under review were recorded at $0.899 million against the imports of 0.968 million during January 2019.

On a month-on-month basis, the gold imports during January 2020 witnessed a decrease of 47.88 percent when compared to the imports of $1.725 million in December 2019, the data revealed.

It is pertinent to mention here that the Country’s trade deficit witnessed a significant reduction in last seven months (July-January) of the current financial year and shrunk by 28.40 per cent as compared to the corresponding period of last year.

During the period under review, the country’s exports registered about 2.14 per cent growth, whereas imports reduced by 15.95 per cent, the PBS data revealed.

During the period from July-January (2019-20), exports reached $13.498 billion against the exports of $13.216 billion of the same period of last year, it added.

APP

Affordable, clean energy vital for poverty reduction, economic growth:...

Feb 25, 2020: Vice Chairman National Electric Power Regulatory Authority (NEPRA) Bahadur Shah on Tuesday said that provision of clean, affordable and reliable electricity was vital for poverty reduction, sustainable development and economic growth.

"We urgently need a long-term solution to Pakistan's energy needs and this can only be achieved through working together, he stated this in his opening speech at 2nd day of NEPRA Energy Week.

He said electricity played key role in the economy of the country. The developing nations were facing many problems due to the issues with energy security, reliability and affordability, he said.

Stressing the need for greater investment into clean energy,Bahadur Shah said the current economic crisis could be overpowered through exploration of renewable energy besides optimizing energy efficiency. Localized and low-cost renewable energy solutions, besides reduction in overall tariff for consumers, could also boost productivity and employment prospects, he said.

Underlining the need for energy storage technologies, Bahadur Shah expressed the hope that battery technology would be mature enough to be deployed at a commercial scale. It would also help reduce dependence on fossil fuel paving way for access to clean energy without any interruption, he said.

Speaking on the occasion, Programme Officer of the International Renewable Energy Agency (IRENA) said cost of Renewable Energy (RE) has come down and currently was the lowest. The cost of upcoming projects of both solar and wind were 2 cent per unit and 2.1 cent per unit respectively, he said.

He said currently around 11 million people were employed globally with RE sector. The RE would not only help reduce cost of electricity but also control pollution, he added.

He gave a detailed presentation on world energy outlook and called for switching towards RE.

Other energy experts including Gul Hassan Bhutto, Dr Kashif Imran, N A Zuberi, Dr Selim Mokadem, Qasim Latif and others also spoke on the occasion.

Chairman NEPRA Tauseef H Farooqi, Member Consumer Affairs NEPRA Rehmatullah Baloch and Member Licence Rafique A Shiekh were also present on the occasion.

APP

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