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Weekly Economic Roundup

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July 19, 2020 (MLN): The latest weekly roundup is here to update the financial and economic data releases as they provide a guide to keeping an eye on trends in the upcoming week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.01% during the week ended Jul 16, 2020 while the SPI increased by 10.29% compared to the corresponding period from last year.

  • Exports from Pakistan during the month of June, 2020 amounted to Rs. 263,988 million as against Rs. 223,536 million in May, 2020 and Rs. 264,345 million during June, 2019, showing an increase of 18.10% over May, 2020 but a decrease of 0.14% over June, 2019.

  • Imports into Pakistan during the month of June, 2020 amounted to Rs. 614,004 million as against Rs. 458,272 million in May, 2020 and Rs. 675,731 million during June 2019, showing an increase of 33.98% over May, 2020 but a decrease of 9.13% over June 2019.

  • During FY20, FDI has witnessed an increase of 88% to USD 2.561 billion dollars.

  • Pakistan's Forex Reserves increased by USD 162.50 Million or 0.86% and the total liquid foreign reserves held by the country stood at USD 18,952.60 Million on Jul 10, 2020.

  • The imports of Agriculture & Other Chemical Products witnessed a decline of 16% during the outgoing fiscal year FY20 to $7.35 billion compared to $8.75 billion in FY19.

  • It is disturbing to see that the trade volume of textile exports has declined by 6% to $12.52 billion during FY20 as compared to $13.327 billion in the corresponding period of the previous year.

  • In the month of June 2020, export receipts from Petroleum group & coal have been recorded at $23 million, showing a significant increase by 49.8 times when compared to exports of May 2020. While on a yearly basis, it witnessed a decline of 4%.

  • The trade volume of food exports decreased by 5.33% to $ 4.361 billion, contributing 20.38% of the total exports during FY20 when compared to $ 4.607 billion recorded in FY19.

  • Workers’ remittances rose by a significant 50.7% during June 2020 to reach record high USD 2,466.2 million compared with USD 1,636.4 million in June 2019. Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of USD 23,120.7 million during FY20, witnessing a growth of 6.4% over USD 21,739.4 million during FY19. 

  • MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block.

  • Pakistan Petroleum Limited has announced the discovery of hydrocarbon in the exploratory well, Mamikhel South 1, in the TAL Block, which is situated in KPK.

  • According to a notification issued by the OGRA, the new price of the RLNG for the SNGP system has been fixed at $6.47 per mmbtu, up by 35 cents in July’20 when compared to $6.1284 of June. Similarly, the price of the RLNG for the SSGC system increased by 40 cents to $6.67 per mmtbu in July’20, which was $6.2716 in June. 

  • The total debt of the Central Government during the month of May 2020 stood at Rs. 34.489 trillion, i.e.1% percent higher than the figures reported last month. Whereas, on a yearly basis, this debt figure was 9% higher compared to Rs 29.75 trillion recorded in May 2019.

  • The State Bank of Pakistan has decided to extend the validity of the measures like biometric verification to mitigate COVID-19 Pandemic from 30th June 2020 to December 31, 2020, keeping in view the ongoing impact of COVID-19 pandemic in the country.

  • Abu Dhabi Fund for Development has suspended debt service repayments for Pakistan and some other countries and companies for the year, the state-financed fund said.

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Posted on: 2020-07-19T11:48:00+05:00