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Pakistan’s Trade Deficit Hits New High in December 2024

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Pakistan Trade

Pakistan’s Trade Deficit Increases in 2024. Trade deficit widened by 35% YoY to $2.444 billion in December 2024. Monthly trade deficit increased by 47% from $1.667 billion in November 2024 to $2.444 billion in December 2024. Pakistan’s trade deficit widened by 35% year-on-year (YoY) in December 2024, reaching $2.444 billion compared to $1.813 billion in … Read more

Mobile Phone Imports in Pakistan Drop by 13.6% in four months (July-October)

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Mobile Phone Imports

Mobile phone imports in July-October 2024 declined by 10.46% in dollar terms to $420.799 million. Year-on-Year (YoY) imports grew by 5.06% to $165.941 million in October 2023. In rupee terms, mobile phone imports stood at Rs. 117.017 billion, a 13.62% decline from FY24. In the first four months (July-October) of the fiscal year 2024-25, Pakistan’s … Read more

Pakistan’s Petroleum Imports Increase by 4% in September 2024

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Petroleum Imports

Pakistan Records 4% Boost in Petroleum Imports for September 2024. 4% increase to $1.388 billion from $1.331 billion in August 2024. The data indicates significant year-on-year growth in petroleum imports. Pakistan’s petroleum imports saw a 4 percent increase in September 2024, reaching $1.388 billion, compared to $1.331 billion in the same month last year, as … Read more

Rupee declines despite IMF nod

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KARACHI: The Pakistani rupee shed Rs1.15 against the dollar to reach Rs210.95 on Friday after the investors’ sentiments cooled down regarding the International Monetary Fund (IMF) recent development. The local unit shed Rs1.15 to close at Rs210.95 to the dollar from Thursday’s closing of Rs209.80 in the interbank foreign exchange market. Analysts said that the … Read more

Pakistan set to allow import payments to Afghanistan in Rupee

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Pakistan

The ECC of the Cabinet agreed a 10 percent regulatory charge on the import of motor spirit. The decision was made during a meeting of the ECC convened in the Finance Division. The committee will also consider approving technical supplemental funds. A meeting of the Economic Coordination Committee (ECC) has been called by Finance Minister … Read more

EU import checks organizations defer scrutinizing

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 EU import

Delays in extra checks on EU imports have been criticized by businesses for leaving UK borders vulnerable to unsafe produce. New controls on EU foodstuffs had been due to be introduced in July but have been postponed. The government said it was delaying the changes due to rising prices associated with the Ukraine crisis. Pork … Read more

Boris Johnson says import restrictions on steel will remain in place

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import

Controls on steel imports due to expire this week could be retained.  Department for International Trade says a final decision has not been made. It follows a proposed approach set out by the international trade secretary on Thursday. The question of extending tariffs on steel imports is seen as potentially breaking World Trade Organization (WTO) … Read more

Lithuania warned by Russia about effects of rail transit ban in Kaliningrad.

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Lithuania has banned Kaliningrad from imports from EU in response to sanctions imposed by EU. Lithuanian foreign minister claims it is just following EU sanctions.  Nikolai Patrushev stated that “Russia would undoubtedly retaliate to such aggressive measures”. After Lithuania prohibited the rail transfer of some products to the Russian enclave of Kaliningrad, Russia threatened Lithuania … Read more

The US House of Representatives passed a shipping bill to help exports

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Representatives

The legislation aims to improve oversight of ocean shipping. Supporters say it will help curb inflation and ease export backlogs. The bill passed 369-42 and will head to the White House for signature. President Joe Biden says he looks forward to signing it into law. The U.S. House of Representatives gave Monday regulation to further … Read more

India considers curbing import of refrigerators

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India is considering banning refrigerator imports to promote local manufacture, sources say. This could block out shipments from Samsung and LG in the $5 billion sector. India’s yearly fridge-making capability was roughly 24 million units but demand was only 15 million, a part of which is fulfilled by imports. Two industry sources told Reuters on … Read more

The price of oil has risen after Saudi Arabia raised crude prices

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Saudi Arabia

Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT. OPEC+ agreed to accelerate output increases over the next two months. U.S. West Texas Intermediate (WTI) was also up 1.4% at $120.50 a barrel. Oil costs rose more than $2 in early exchange on Monday after Saudi Arabia raised costs … Read more

India’s purchase of Russian oil shows no signs of slowing down

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Russian oil

Even as the West continues to slap Moscow with unprecedented sanctions, India’s thirst for inexpensive Russian oil is growing. Russian Crude streams to India are supposed to arrive at 3.36 million metric tons in May, as per gauges from Refinitiv. This is almost multiple times higher than 2021 month-to-month normal of 382,500 metric tons. By … Read more

European solidarity against Russia tried as chats on oil ban delay

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oil

Europe’s unified front against Moscow is being scrutinized as nations battle to concur on a prohibition on Russian oil imports. European Union representatives neglected to arrive at an agreement Sunday based on the conditions of a ban, however, held further discussions Monday in anticipation of the highest point of EU pioneers in Brussels later in … Read more

Europe is as yet confounded about how to take care of its Russian gas bills

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Europe can’t decide on the most proficient method to pay for Russia gaseous petrol imports that keep on energizing homes, organizations and power stations. The disarray focuses on the operations of the actual installments. A few European gas purchasers have been getting ready to work around the Kremlin’s interest that gas bills be paid in … Read more

Pharmaceutical imports clock-in at $3b in 6 months

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pharmaceutical imports

KARACHI: The pharmaceutical imports, including Covid vaccines surged 475 per cent to $3 billion during the first six months of the current fiscal year, compared with $539 million in the same period of the last year, according to the data issued by the Pakistan Bureau of Statistics (PBS). “The government is currently importing Covid-19 vaccines … Read more

China unveils measures to keep foreign trade stable

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China

BEIJING: China on Tuesday unveiled new guidelines to ease pressures on foreign trade companies and keep the country’s exports and imports stable. The country will further open up the economy and carry out cross-cyclical adjustments to support medium, small and micro-sized foreign trade companies, and guarantee their orders and stabilise expectations, according to the guidelines … Read more

Duty-free imports surge 67% in four months

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Duty-free imports

KARACHI: The duty-free imports have registered a growth of 67 per cent during the first four months (July-October) 2021 in the wake of a surge in the total import bill. According to official data, the pace of clearance of duty-free imports is more than the clearance of total imports at the Customs stage. The Customs … Read more

Businessmen want implementation of barter trade with Iran

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Iran

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Businessmen Panel has called for early implementation of barter trade mechanism signed between Pakistan and Iran during the 9th Joint Trade Committee meeting held in Tehran to jack up the bilateral trade to $5 billion annually, a statement said on Saturday. Businessmen Panel chairman … Read more

Cash margin requirement on imports may support rupee

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KARACHI: The measures taken by the State Bank of Pakistan (SBP) through imposing restrictions on imports may support the rupee against the dollar next week. However, the free-fall in the rupee value continued during the outgoing week, as the dollar hits the record high of Rs170.66 on September 30, 2021 in the interbank foreign exchange … Read more

Central Bank of Iran (CBI) to issue national crypto

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Central Bank of Iran

The Central Bank of Iran (CBI) is in the procedure of having its virtual money (CBDC) issued, informed by a banking official.

The Central Bank of Iran seeks to cut the price of printing cash plus the risk of domestic private sector electric transactions.

CBI has been formulating itself for the past months to license imports of goods into the state through domestically mined cryptocurrencies (rial-based ones); i.e., Iran will shortly join the club of national cryptocurrency holders.

Only cryptos resulting from miners’ official by the Ministry of Industry, Mines, and Trade can be used, as per the new central bank announcement.

Authorized banks and exchange businesses that follow the CBI standards can pay for imports in cryptocurrencies.

The CBI has taken this unprecedented step in an effort to mitigate the impact of international sanctions on Iranian financial transactions with the rest of the world.

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Gold imports fall 22.79% to $8.97 million in FY21

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Gold

ISLAMABAD: Pakistan’s gold imports decreases  22.79 per cent to $8.977 million during the fiscal year 2020/21, compared with the corresponding period of the last fiscal year, the Pakistan Bureau of Statistics (PBS) reported. The gold imports during July-May 2019/20 stood at $11.627 million. In terms of quantity, Pakistan imported 148 kilogrammes of gold during the period … Read more

State Bank makes amendments in forex regulations on imports

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Pakistan’s imports from China grow 38.74% in 11 months: SBP

KARACHI: The State Bank of Pakistan (SBP) has made amendments to the foreign exchange regulations related to imports, including transition from electronic import from the Pakistan Single Window, a statement said on Monday. The central bank said considering the market dynamics and keeping pace with the changing business environment, the State Bank is in the … Read more

Govt should introduce balanced agriculture policies to curb food inflation

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agriculture policies

KARACHI: The government should introduce balanced agriculture policies and modernise the value chain to control food inflation and manage strategic reserves of certain commodities in Pakistan, experts said on Friday. The experts gave their input during the “Agri Webinar Series”, organised by the Engro Fertilizers and Pakistan Agricultural Coalition. Addressing the session, titled “Rethinking Pakistan’s … Read more

Rupee weakens against dollar

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IMF rupee

KARACHI: The rupee lost 69 paisas against the dollar due to higher demand for import payments, dealers said on Monday. The exchange rate ended at Rs155.31 to the dollar from the last Friday’s closing of Rs154.62 in the interbank foreign exchange market. The dealers said the high international oil prices also impacted the exchange rate. … Read more

Mobile phones commercial imports shoot up by 110%

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Mobile phones commercial imports shoot up by 110%

The successful implementation of the new mobile phone registration system, introduced by the Pakistan Telecommunication Authority (PTA), has resulted in a significant increase in commercial imports of mobile phones. According to statistics available with the media, commercial import of mobile phones has increased by 110 per cent in one year. In the year 2018, 9,564,424 … Read more

Traders announce two-day shutter down strike

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Traders observe to-day shutter down strike

Two-day shutter down strike is underway by the business community and traders across the country against the government’s enforcement of taxes and the condition of identity cards. Karachi, Lahore, Islamabad, Rawalpindi and Faisalabad are important markets in all the major cities, sources said. In Karachi, several markets and bazaars have been called by the Electronic … Read more

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