August 29, 2021 (MLN): The financial highlights of the country are brought to light with the economic and financial data releases over the course of the week.
Pakistan’s overall fiscal deficit in FY21 stood at 7.1% of GDP (Rs3.4trillion) against 8.1% of GDP (Rs3.37tn) in FY20, showing a decline of Rs27bn or 1% YoY.
The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.22% during the week ended Aug 26, 2021 while the SPI increased by 12.67% compared to the corresponding period from last year.
The net sale of securities for the week ended August 20, 2021 clocked in at Rs.1.66 billion, whereas last week, the accounts observed a net purchase of Rs.252.49 million.
The import bill of petroleum products during the month of July’21 stood at $1.33billion, surged by 77% YoY whereas, on MoM basis, the import of the same group decreased by almost 10%, compared to the same period last year.
The export volume of Chemical and Pharmaceutical Products escalated by 61.37% YoY to clock in at $121.52million during July’21 while the export of the similar group plummeted by 13% YoY.
The import bill of Mobile Phones dropped by 19.4% YoY and 42% MoM during the month of July’21 to stand at $119mn
The trade value of food exports from the country in July’21 stood at around $243million, showing an increase of 7.38% YoY from $314.52 million in July 2020.
Pakistan’s total export of textile products surged to the second-highest level of $1.47 billion, 15.6% higher than the textile exports of $1.27bn recorded in the same period the previous year.
Pakistan's Forex Reserves decreased by USD 48.80 Million or 0.2% and the total liquid foreign reserves held by the country stood at USD 24,619.30 Million on Aug 20, 2021.
Pakistan's merchandise trade deficit for the month of July 2021 clocked in at $3.26billion compared to a deficit of $1.67bn in the corresponding month last year, depicting a growth of 95% YoY.
The production of mobile phones by local manufacturing plants has surpassed the number of mobile phones imports in the country. During Jan-July 2021, the production of mobile phones by local manufacturing plants was 12.27 Million and imported mobile phones were recorded at 8.29 Million.
Multinational companies operating in Pakistan repatriated $159.2 million in profit and dividends on investments in the country during July 2021 which was 55% lower than the profits of $354.5mn repatriated in July 2020, central bank data showed on Thursday.
State Bank of Pakistan (SBP) on Tuesday has received US$ 2.75 billion from the International Monetary Fund (IMF), as part of the SDR allocation announced by IMF recently.
The State Bank of Pakistan will be launching this week a new product, Roshan Apna Ghar, for non-resident Pakistanis for the acquisition of property in Pakistan.
Total nutrient offtake during the month of July 2021 was about 470 thousand nutrient tonnes, showing a decline of 6 percent over the same timeframe of 2020.
The total DAP offtake during the month of July 2021 was recorded at 193 thousand tonnes, registering a decrease of 22.9 percent as compared to the offtake of 251 thousand tonnes in July 2020.
The overall urea offtake during the month of July 2021 was 622 thousand tonnes, depicting an increase of 8 percent as compared to the same period of last year.
Pakistan's outstanding debts as of July 31, 2021 stand at a whopping sum of Rs.24.99 trillion whereas total debt at the end of the prior month was Rs.25.32 trillion, meaning that around Rs.324.43 billion were retired during this month alone.
The Banking sector spread for July 2021 narrowed down by 24 basis points (bps) over the month which brings its latest value to 4.24% as compared to the prior month's spread of 4.48%. Similarly, the spread has reduced by 76 bps as compared to the same period last year.
The non-government sector has borrowed another net sum of Rs.18.69 billion during the week ended August 13, 2021, which brings the cumulative net borrowing for ongoing fiscal year FY2022 to Rs.601.56 billion. The net borrowing as of prior week was recorded at Rs.582.87 billion.
The government of Pakistan has retired an additional sum of Rs.37.98 billion during the week ended August 13, 2021, which brings its total net retirement for the ongoing fiscal year FY2022 to Rs.391.94 billion. As of the prior week, the government had retired a net sum of Rs.353.95 billion.
Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during July 2021, followed by United Arab Emirates (UAE), Singapore, Saudi Arabia, and the USA.
USA remained as the top export destination for Pakistan with $503million worth of shipments in July 2021, against the exports of $337,28mn in July 2020, showing an increase of 49% YoY.
Pakistan’s Power Sector has fetched the highest net FDI worth $41.9 million in July’21, followed by the Financial Business and Oil & Gas Exploration sector with net FDI of $27mn and $22.4mn respectively.
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