Weekly Economic Roundup

December 20, 2020 (MLN): The financial highlights of the country are brought to light with the economic and financial data releases over the course of the week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.22% during the week ended Dec 17, 2020, while the SPI increased by 8.24% compared to the corresponding period from last year.
  • Imports into Pakistan during the month of November 2020 amounted to Rs. 686,349 million, showing an increase of 8.39% over October 2020 and 12.58% over November 2019.
  • The total exports from Pakistan during the month of November 2020 amounted to Rs. 346,063 million as against Rs. 342,063 million in October 2020 and Rs. 311,786 million during November 2019, showing an increase of 1.17% over the previous month and of 10.99% over the same month of last year.
  • The import bill of the Machinery group surged by around 38% MoM to clock in at $734 million in the month of November 2020.#
  • Cement exports during the month of November 2020 declined by 39% YoY and 45.48% MoM to USD 18.127 million from USD29.79 million in Nov’19 and USD33.249 million recorded in the previous month.
  • Textile exports during the month of November 2020, clocked in at a record US$1.286 billion, jumped by 9.27% YoY. When compared with the figures for the previous month, exports of textile goods depicted a negligible decline of 0.2% MoM.
  • The trade volume of food exports from the country in November’20 stood at $408 million, showing an increase of 2.69% YoY and 26% MoM as compared to the same period of last year and last month respectively.
  • The government has so far released funds amounting to Rs1,329.928 million to execute eight petroleum projects under the Public Sector Development Programme (PSDP 2020-21) against the total allocation of Rs 1,786.160 million.
  • Pakistan has received foreign aid worth $4.50 billion during the first five months of the fiscal year 2020-21 from bilateral and multilateral development partners, foreign commercial borrowing, and time deposits to influence the process of development by increased investment in productive resources and transferring the modern technology.
  • Pakistan's Forex Reserves decreased by USD 22.80 Million or 0.11% and the total liquid foreign reserves held by the country stood at USD 20,379.60 Million on Dec 11, 2020.
  • Pakistan witnessed foreign direct disinvestment of $16 million during the month of November 2020 while it received net inflows of $317.4 million in the previous month of the same year.
  • Pakistan’s Power Sector witnessed the highest outflow of Foreign Direct Investment (FDI) worth $83.2 million during the month of November 2020, followed by the Communication sector with a net negative FDI of $27.6 million.
  • The net Direct Foreign Investment (FDI) in Pakistan has been recorded negative (-$16 million) in November 2020, as China and Norway withdrew $78.4 million and $55.8 million from the country respectively.
  • Economic Coordination Committee (ECC) ratified the Electric Vehicle policy for 4 wheelers. It will prove instrumental in rationalizing costs of purchasing, manufacturing & promoting the use of electric vehicles in Pakistan.
  • The total money supply circulating within the economy in October 2020 has been recorded at around Rs.25.16 trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan.
  • The government on Tuesday decided to increase the prices of MS Petrol by Rs. 3 per liter, from Rs.100.69 to Rs.103.69 per liter.
  • Despite the challenges posed by Covid-19, and depressed economic conditions in many regions globally, the Large-Scale Manufacturing Industrial (LSMI) output continues to show signs of recovery as it grew by 6.7% YoY and 4% MoM during the month of October 2020, while increasing 5.46% YoY during 4MFY21.
  • Banking sector deposits continue to show healthy growth during the ongoing year, as the total deposits held by commercial banks clocked in at Rs 16.84 trillion by the end of November 2020, depicting a growth of 18% YoY and 1% MoM.
  • Overall production of petroleum commodities has witnessed an increase of 1.57 percent during the first four months of the current financial year 2020-21 as compared to the corresponding period of the fiscal year 2019-20.
  • The National Electric Power Regulatory Authority (NEPRA) on Monday has increased Rs1.11 per unit in power tariff on account of fuel charges adjustment for the month of September 2020.
  • The Federal Government has released Rs 299.7 billion for various ongoing and new social sector uplift projects to date under its Public Sector Development Programme (PSDP) 2020-21.
  • Inward remittances from overseas Pakistani into Roshan Digital Account touched another daily high with inflows of $11.2 million on Dec 11, 2020.

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Posted on: 2020-12-20T14:16:00+05:00