May 30, 2021 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.
- The total value of imports during 10MFY21 stood at 42.31billion posted an upsurge of 13.49% compared to the same period last year. In the month of April’21 alone, total imports to Pakistan recorded at $4.97bn, depicting a considerable increase of 58% YoY when compared to the import payments of April’20.
- The country’s total exports have posted a growth of 6.54 percent to around $21billion during the first ten months (July-April) of the current fiscal year as compared $19.7billion in the corresponding period of FY2019-20.
- The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.63% during the week ended May 27, 2021 while the SPI increased by 16.34% compared to the corresponding period from last year.
- The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on May 28, 2021 in Karachi, has decided to maintain the policy rate at 7 percent.
- Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during July-Apr FY21, followed by United Arab Emirates (UAE), Singapore, the USA, and Saudi Arabia.
- USA remained as the top export destination for Pakistan with $4billion worth of shipments in Jul-Apr FY21, against the exports of $3.37bn in the same period of last year, showing an increase of 19% YoY.
- At a CDWP meeting presided over by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, cleared thirteen development projects with a cost of Rs38billion in the forum.
- Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.
- Pakistan's Forex Reserves increased by USD 105.60 Million or 0.46% and the total liquid foreign reserves held by the country stood at USD 23,015.90 Million on May 21, 2021.
- Distribution companies (DISCOs) contributed a loss of around Rs 59 billion due to their inefficiency in transmission and distribution (T&D) losses and Rs 160 billion in the recovery of electricity bills during FY2019-20, a report by NEPRA said.
- The total Deposits held by Commercial Banks have grown by 21% YoY to Rs17.56 trillion in 4MCY21, while, on a sequential basis, commercial banks’ deposits went down by 2% MoM from Rs17.9tn which was the highest figure in the last 14 years.
- The Executive Committee of the National Economic Council (ECNEC) approved various energy, infrastructure, irrigation, and health projects at a cost of billions of rupees.
- The overall urea offtake during the month of April 2021 was 309 thousand tonnes, showing a rise of 27.6 percent as compared to the same period of last year.
- The total DAP offtake during the month of April 2021 stood at 46 thousand tonnes, registering a decrease of 69.7 percent as compared with the same timeframe of last year.
- Total nutrient offtake during the month of April 2021 was about 239 thousand nutrient tonnes, showing a decrease of 10.4 percent over the same timeframe of 2020. Nitrogen and Potash offtake increased by 10.5 and 35.9 percent respectively while phosphate offtake decreased by 53 percent over April 2020.
- Pakistan's outstanding debts as of April 30, 2021 stand at a massive sum of Rs.23.88 trillion whereas total debt at the end of prior month was Rs.23.9 trillion, meaning that around Rs.14.41 billion were retired during this month alone.
- Pakistan’s exports of Surgical Instruments, Fish, Meat, Leather garments, Pharmaceuticals, Cement, Cutlery, Spices, and Electric Fans have shown good growth during July-Apr FY21 as compared to the corresponding period last year.
- Oil and Gas Development Company Limited (OGDCL), during the first three quarters of the current fiscal year, has injected as many as 12 more operated wells in the production gathering system aimed at tackling the natural depletion in existing reserves and meeting the country’s ever-increasing energy needs.
- Technology exports during the first 10 months of the current fiscal year jumped by a whopping 46% to $1.70 billion from $1.17bn during the same period last year, the latest data released by the State Bank of Pakistan (SBP) showed on Tuesday.
- The overall power generation climbed by 25% YoY to 10,481-gigawatt-hours (GWh) during the month of April’21 compared to 8,391 GWh during Apr’20.
- The government has so far provided funds amounting to Rs1,339.589 million during the current fiscal year to execute petroleum sector projects under the Public Sector Development Programme (PSDP 2020-21).
- Pakistan’s trade deficit in services narrowed by 65% YoY to $57million during the month of April 2021 from $162mn in the same month a year ago on an account of higher export services.
- Pakistan’s current account balance posted a small deficit of USD 200 million in April 2021, depicting a decline of 61% when compared to April 2020.
- National Power Regulatory Authority (NEPRA) has informed that the Public hearing on the CCPA petition for a fuel price adjustment (FCA) for April 2021 will be conducted on Wednesday, June 2, 2021.
- The New-York based ratings agency Fitch has assigned the Water and Power Development Authority's (Wapda) proposed USD-denominated unsecured notes a rating of ‘B-‘, a press release issued by the rating agency showed on Tuesday.
- Pakistan’s circular debt build-up during July-April this fiscal year is Rs 260 billion against Rs 449 billion reported same period last year, showing a reduction of Rs 189 billion.
- The exports of Chemical and Pharmaceutical Products went down by27.4% MoM to clock in at $107million during April’21. However, the export of a similar group depicted a surge of 43.67% YoY.
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Posted on: 2021-05-30T17:03:00+05:00
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