China’s annual crude oil imports drop for first time in 20 years
BEIJING: China’s annual crude oil imports slid 5.4% in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been
Russian Trade ministry to monitor more rice factories in Pakistan
KARACHI: The federal government has taken steps to increase the country’s exports as Russia recently increased the volume of rice imports from Pakistan. The Russian Trade ministry will monitor more rice factories via video link with the collaboration of the
Exports target set at $35bn for next fiscal year: Commerce Adviser
ISLAMABAD: Advisor to the Prime Minister for Commerce and Investment Abdul Razaq Dawood said the government had set the export target of $35 billion for the upcoming Fiscal Year 2021-22. The commerce adviser made the remarks while addressing the post-budget
Exports increase 13.6% to reach $20.9bn in FY2020-21
ISLAMABAD: The exports from the country during July-April 2020-21 had reached $20.9 billion compared to $ 18.4 billion during the same period last year, showing an impressive growth of 13.6 percent. The country’s exports shown a growth of 13.6 percent
Palm oil imports increase 34% to $1.585bn in fiscal year
ISLAMABAD: The palm oil imports into the country increased by 34.03 percent during the first eight months of the current fiscal year against the imports of the same period of last year. The palm oil imports during July-February (2020-21) were
Exports increase 8.74pc to Rs2.651 trillion in fiscal year
ISLAMABAD: The exports from Pakistan in rupee terms increased by 8.74 percent during the first eight months of the current fiscal year as compared to corresponding period of last year. The exports during July-February (2020-21) were recorded at Rs. 2,651,474
Current account deficit shrinks to $50 million in Feb
ISLAMABAD: Pakistan’s current account deficit narrowed to $50 million in February 2021 as compared to the deficit of $210 million in January and $652 million in December 2020. The current account balance in February 2020 witnessed a deficit of $197
Textile exports increase 6.69% to $9.9 billion in fiscal year
ISLAMABAD: The exports of textile commodities witnessed an increase of 6.69 percent during the first eight months of the current fiscal year as compared to the corresponding period last year. The textile exports were recorded at $9,999.770 million in July-February
Gold imports decrease 53% in seven months
ISLAMABAD: The gold imports into the country decreased by 52.99 percent during the first seven months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The gold imports during
Pakistan receives $1.1bn financing from ITFC for oil, LNG imports
ISLAMABAD: Pakistan and the International Islamic Trade Finance Corporation (ITFC) signed a $1.1bn trade financing facility for the import of oil and liquefied natural gas (LNG) in the current year. The document was signed by Secretary Economic Affairs Division Noor
Textile exports increase 8% from July-Jan FY21
KARACHI: Textile and clothing exports increased over eight percent to $8.76 billion on a year-on-year basis in the seven months of the current fiscal year, according to data released by the Pakistan Bureaus of Statistics. The data revealed that the
Exports increased 5% in first half of fiscal year, 18.31% in Dec
ISLAMABAD: The exports from the country increased by 4.98 percent during the first half (H1) of the current fiscal year (2020-21) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports from the
Trade deficit widens to $9.6 billion
ISLAMABAD: Pakistan’s trade deficit marginally widened to $9.6 billion in the first five months of current fiscal year due to a nominal increase in both exports and imports, Pakistan Bureau of Statistics (PBS) reported. During July-November 2020, exports slightly increased
Cement sales grow 4.19% in November
KARACHI: The cement sector posted a growth of 4.19% in sales during November 2020 compared to the same month last year. This was the lowest monthly growth in current fiscal year after a double-digit rise in September and October 2020.
Exports increase 2.11% in five months, 7.67% in November
ISLAMABAD: The exports increased by 2.11 percent during the first five months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics reported. The exports during July-November (2020-21) were recorded at $9.737
Gold imports decline 58.54% in four months
ISLAMABAD: The imports of gold witnessed a decline of 58.54 percent during the first four months of the current fiscal year as compared to the corresponding period of last year. The gold imports during July-October (2020-21) were recorded at $2.341
POL import bill shrinks 24.56% to $3.153bn in four months
ISLAMABAD: The import of petroleum products declined by 24.56 percent during the first four months of the current fiscal year (FY2020-21) as compared to the corresponding period last year. According to the latest data issued by the Pakistan Bureau of
Mobile phone imports increased 83.17% in July-Sept quarter
ISLAMABAD: The import of mobile phones into the country has witnessed an increase of 83.17 percent during the first quarter of financial year 2020-21 as compared to the corresponding period last year. Pakistan imported mobile phones worth $492.894 million during
US, Brazil must reduce dependence on China imports: Pompeo
WASHINGTON (REUTERS): US Secretary of State Mike Pompeo warned the United States and Brazil need to reduce their dependence on imports from China for their own security as the two countries reinforced their business partnership. At a virtual summit on
Rupee strengthens by Rs 0.21 against dollar
KARACHI: The exchange rate of Pakistani rupee on Thursday increased by Rs0.21 against the US dollar. The greenback is currently trading at 166.55 against the domestic currency at the interbank foreign exchange market. The dollar had finished at Rs166.76 against
Current account deficit shrinks 73 percent
ISLAMABAD: Pakistan’s current account deficit during the first three quarters of the current fiscal year shrank by 73 percent to $2.768 billion compared to $10.284bn in the same period last fiscal year, data released by the State Bank of Pakistan
India mulls curbing Malaysian imports over IOK criticism
MUMBAI: India has planned on curbing imports of some products from Malaysia including palm oil, in reaction to its premier criticising New Delhi for its actions in Indian occupied Kashmir (IoK). A discussion was led by the Ministry of Commerce
UGDC, Singapore-based Trafigura signs deal over LNG import
ISLAMABAD: Universal Gas Distribution Company (UGDC) and Trafigura, renowned commodity trading firm in Singapore, have signed a partnership contract for managing and transporting LNG. Trafigura has a long-standing existence and involvement in the Pakistani market. It possesses the surplus capacity
Oil imports sharply decline by 26 percent in current fiscal year
ISLAMABAD: The oil import bill showed a sharp decline of over 26% in the first two months of the current fiscal year from year ago according to data released by the Pakistan Bureau of Statistics (PBS). The data analysis shows that all groups, including food
FBR slashes duties on import of cellular phones
KARACHI: Federal Bureau of Revenue has proposed to cut down the import duties on the import of cellular phones by 50 percent. FBR said in a statement that it suggests slashing the duties for providing relief to a common man
Senate asks govt to impose single tax on imports
ISLAMABAD: The commerce division was asked by the Senate Standing Committee on Commerce and Textile to develop a mechanism which can reduce multiple taxations imposed on imports. Senator Muhammad Afridi chaired the meeting. The impact of infrastructure tax imposed by
Current account deficit records 73pc decline in July
ISLAMABAD: The current account deficit posted a notable decline of 73 percent during the first month of this fiscal year (FY20). The external account of Pakistan has been under pressure for the last two years due to higher current account