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Exports grew 43% to $2.257 billion in August 2021 compared to $1.584 billion in August 2020, though the growth was affected by shipment delays caused by heavy rains, announced Adviser to Prime Minister on Commerce Abdul Razak Dawood.

During August 2021 the exports of Home Textiles, Men's Garments, Cotton Fabric, Rice, Jerseys, Fruits, Vegetables and T-shirts increased as compared to August 2020. The exports of Surgical instruments, Fish & Fish Products, Cement, Tents & Canvas and Wood & articles of wood decreased during the same period.

In terms of geographical spread, the exports to the US, China, the UK, The Netherlands, Germany and Spain increased while those to Afghanistan, Denmark, South Korea, Indonesia, Singapore and Czech Republic decreased during Aug 2021 as compared to Aug 2020.

The exports of services during July 2021 increased by 6.4% to USD 483 million as compared to USD 454 million during July 2020.

Pakistan Businesses Forum (PBF) Vice President Ahmad Jawad was of the view that it was high time for the economic managers to act and devise out-of-the-box solutions to increase exports to enable Pakistan to cross $30 billion worth of shipments by June 2022.
 

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Both exports from Pakistan and imports into the country have been on an upward trend relative to the values reported in the first quarter of FY21. According to the statistics published by the Pakistan Bureau of Statistics (PBS), exports in August 2021 were 41% higher than the value in August 2020 and imports were a whopping 95% higher.
However, as the increase in imports outpaced the increase in exports, the trade deficit, at $4.2 billion, was 144% higher than the value reported in August 2020. Cumulatively in the first two months of FY22, the trade deficit touched $7.5 billion, with total imports surpassing $12 billion.
With growth predicted to exceed 5% in this fiscal year accompanied by high dependency on imports, the resultant trade deficit is likely to shatter records this year. It is important to ensure that exports of both goods and services continue to increase so that the pressure on the current account deficit can be alleviated and the vicious cycle involving an ever so ominous balance of payment crisis averted.
For more: https://tribune.com.pk/story/2319884/1
 

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The Pakistan Tehreek-e-Insaf (PTI) government is facing another hurdle in its endeavours to enhance exports as a hike in freight cost kept textile exports stagnant in August 2021.
Textile exports of the country came in at $1.46 billion in August 2021, registering a meagre rise of 2% on a month-on-month basis in rupee terms, revealed data of the Pakistan Bureau of Statistics (PBS).
According to market analysts, the exports were impacted by the global congestion at ports combined with soaring freight charges. The cost of a container from China to Pakistan has swelled threefold.
Despite rising demand for textile products around the globe, Pakistan’s exports remained stagnant as the congestion at global ports and high freight charges triggered a slowdown in export orders, said Arif Habib Limited analyst Arsalan Hanif.
For more: https://tribune.com.pk/story/2320709/1
 

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The government collected a whopping one-third of import taxes or Rs149 billion on imports of nine energy and edible oil products during the first two months of this fiscal year, indicating reasons behind the constant rise in prices of petroleum products and an essential kitchen item.
The Federal Board of Revenue (FBR) data showed that the Rs149 billion revenues during July-August 2021 period were also 132% more than the collection during the same period of the last fiscal year. This shows the impact of the increase in tax rates, higher commodity prices and higher imports.
The collection during July-August 2020 was Rs64 billion.
Prime Minister Imran Khan again approved to increase the petrol prices to Rs123 per litre - the highest-ever price charged in Pakistan. The government’s decision to increase customs duty rates on petroleum products have also significantly contributed to price determination.
For more: Taxes on imports fuel inflation | The Express Tribune
 

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Starting Monday, the Federal Board of Revenue (FBR) has removed the sales tax on the import of fresh fruits from Afghanistan.

According to reports, the FBR has not exempted apples from sales tax, although grapes, pomegranates, watermelons, and other fruits can be imported tax-free.

In this context, the tax collecting organization has given orders to appropriate customs collectorates in Peshawar and Quetta.

Previously, FBR earned a 20% sales tax on the purchase of fresh fruits from Afghanistan. The tax exemption will assist Afghanistan in increasing exports and stabilizing its economy, which has suffered since the Taliban's takeover.
 

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Pakistan’s textile exports surged to $15.4 billion in FY21 from about $12.53 billion in FY20, showing a handsome increase of 23%.
Adviser to Prime Minister on Commerce and Investment Abdul Razzak Dawood is confident that in the ongoing FY22, textile exports will fetch no less than $20 billion. Textile exporters also believe they can hit this mark.
Even if Pakistan somehow manages to earn $20 billion from textile exports, that earning would be gross. On a net basis, textile export earnings can hardly reach $15 billion because, in all probability, textile imports during the current fiscal year could reach close to $5 billion.
In FY21, textile imports had consumed about $3.9 billion. In other words, Pakistan’s net textile export earnings in the last fiscal year were just $11.5 billion.
For more: https://tribune.com.pk/story/2322068/1
 

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The government has set a target of $38 billion for exports of goods and services for the ongoing fiscal year, said Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood, expressing optimism that the number would register a nearly 40% year-on-year growth.

While addressing the first pharmaceutical export summit in Islamabad, Dawood said that the target was set after consultations with the prime minister and relevant ministries including finance, energy, industries, and others.

The advisor said that despite the stated target, the government would try to exceed it and reach $40 billion for FY22, expressing confidence that the industries and farmers will play their role in helping the government achieve it.

Talking about the tariff structure, he said that he has conveyed to the prime minister that setting tariffs for Pakistan's industries should not be the prerogative of the Federal Board of Revenue (FBR) and be shifted to the Ministry of Commerce.

“Tariff rationalisation is part of our 'Make in Pakistan' strategy,” he said. "Further tariff rationalisation will be done in the next budget in order to facilitate different industries including the farmers."
 

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Sports goods’ exports have increased to $50.415 million in two months


Sports goods exports increased by 11.23 percent in the first two months of the current fiscal year (2021-22) compared to the same period last year.

The Pakistan Bureau of Statistics (PBS) announced that the country exported sports items worth $ 50.415 million in July-August (2021-22) compared to $ 45.325 million in July-August (2020-21), a growth of 11.23 percent.

During the months under consideration, football exports climbed by 5.25 percent, from $21.828 million last year to $22.973 million this year, while glove exports decreased by 1.59 percent, from $12.262 million to $12.067 million.

In addition, during the period under review, exports of all other sports goods increased by 36.85 percent, rising from $11.235 million to $15.357 million.

According to PBS statistics, sports goods exports increased by 25.63 percent to $24.060 million in August 2021, compared to $19.152 million in August 2020.
 

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Vegetable exports during the first two month of FY 2021-22 grew by 82.88 percent as compared to the exports of the corresponding period of the last year. During the period from July-Aug 21, vegetables worth the US $ 38,276 thousand were exported as compared to the US $ 20,929 thousand of the same period of the last year.

According to the data released by the Pakistan Bureau of Statistics, fruit exports increased by 23.49 percent, fruits worth the US $ 87,398 thousand were also exported in the current financial year as compared to the exports of fruits valuing the US $ 70,772 thousand of the same period of the last year.

During the period under view, all other food items’ exports decreased by 81.68 percent, as food items of US $ 151,143 thousand were exported in the current fiscal year as compared to the exports of food items valuing the US $ 83,192 thousand of the same period of the last year.
 

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The exports of textile commodities witnessed an increase of 27.41 percent during the first quarter (Q1) of the current fiscal year (2021-22) as compared to the corresponding period of last year and went up by over 25 percent on year-on-year basis.

The textile exports were recorded at $4,420.969 million in July-September (2021-221) against the exports of $3,469.852 million in July-September (2010-21), showing growth of 27.41 percent, according to latest data of Pakistan Bureau of Statistics (PBS). The textile commodities that contributed in trade growth included cotton yarn, exports of which increased from $170.475 million last year to $288.617 million during the current year, showing growth of 69.30 percent.

Likewise, the exports of cotton cloth increased by 21.88 percent, from $457.060 to $557.080, cotton (carded or combed) by 100 percent to $1.473 from zero exports last year, yarn (other than cotton yarn) increased by 122.53 percent, from $5.584 million to $12.426 million whereas exports of knitwear increased by 32.97 percent, from $860.785 to $1,144.5757.
 

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Afghanistan, Iran, Turkey and the Central Asian states increased by 35% to $938 million in the first quarter of fiscal year 2021-22 compared to $694 million in the same quarter of previous year, said Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood.

On his official Twitter handle, the minister on Wednesday cherished that Pakistan’s policies on regional connectivity to increase trade were bearing fruit. In comments to The Express Tribune, AHL Head of Research Tahir Abbas said that the government was focusing on long-term sustainable exports to narrow the trade deficit. He highlighted that the government had already given incentives to exporters including competitive electricity and gas tariffs along with lower markup rates on financing for business expansion.

The release of pending tax refunds through the FASTER system was an encouraging step for the export-oriented sector, he said, adding that as a result, Pakistan’s exports were picking up pace, especially in regional countries. Pakistan’s trade was heading in the right direction with diversification in both products and destinations, said Topline Research economist Atif Zafar. However, a lot more needed to be done to have a substantial impact on balance of payments, he added.
 

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Jordan has approved three slaughterhouses of Pakistan for the export of bovine, camel, sheep and goat meat to Amman, revealed a statement issued by the Ministry of Commerce on Thursday.
In comments to The Express Tribune, Employers Federation of Pakistan (EFP) President Ismail Suttar highlighted that Pakistan’s meat industry was dynamic, which has evolved rigorously since the 1990s.
The country has continued to show an upward growth trend in the meat industry, he cherished.
“Pakistan has recently become a top exporter of camel meat in the world,” he said, adding that although the figure was only $2.6 million, the country had made headway to become a global player in halal camel meat exports.
For more: https://tribune.com.pk/story/2326831/1
 

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Adviser to the Prime Minister on finance and revenue Shaukat Tarin has said that Pakistan has become a food-deficit country. Last year alone, it spent around $10 billion on imports of food and cotton.

However, despite a whopping import bill, Tarin seemed optimistic about economic growth of the country. He said: "We are running at little fast than 5 percent GDP growth as our agriculture is doing well now, exports are growing, crops, LSM, and revenues too growing well."

Addressing as chief guest at the CFA Society Pakistan's 18th Annual Excellence Awards ceremony at a local hotel, Friday night Tarin said "unfortunately we have become a food-deficit country. We are importing wheat, sugar, palm oil, cotton, etc."

He said International Monetary Fund (IMF) program will not impede our economy. The Fund wants Pakistan to ensure growth on a sustainable basis, and we also want the same. The GDP growth rate will stay in the range of 5 percent and 5.2 percent for 2021-22, he said, adding he does not like to see 6 percent GDP growth this year, arguing it is going to be damaging for the economy.

Sharing government's vision, Tarin said it is pursuing a policy of bottom-up approach, and has come up with a complete economic package of Rs1.3 trillion for the 4 million poor households for the next three years.

We are giving them interest free agriculture loans, business loans housing loans, and giving them technical training and insurance.

We have launched the program, and the good news is that in less then a month we have launched it in KPK, Balochistan, Azad Kashmir, Gilgit-Baltistan, and five cities of Panjab and Sindh. 8,20,000 people have approached and of them some 2,20,000 people are now eligible.

Tarin said these four million households actually keep waiting for the trickle down effects for the last 70 years, but to no avail. Because trickle down reaches at the lowest level if the growth sustains at least for 15 to 20 years consecutively.

"Our slogan is inclusive and sustainable growth. For which, we need to achieve some fundamentals, firstly we have to grow our revenues, the 9 percent tax to GDP is not enough. We want to achieve 5 percent growth this year and 6 percent next year. Our revenues have gone up to 23 percent this year.
 

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Pakistan’s Ambassador to China, Moin-ul-Haque has said that bilateral trade volume between Pakistan and China would set new records by the end of 2021.

In an interview to China Global Television Network, the ambassador said that China is Pakistan’s largest trading partner, besides being the second largest export destination.

Haque said in the first three quarters, bilateral trade between two countries has grown by mostly by more than 60pc and Pakistani exports to China have grown by 75pc. About further growth in China Pakistan bilateral economic and trade cooperation, he said that the most important part of phase two of CPEC covers areas of agriculture especially modernization of agriculture and science and technology in Pakistan.
 

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Pakistani mango exports to China saw an increase of more than 10 times as Pakistan sent 37.4 tonnes of fresh and dried mangoes to China from January to September 2021. During the same period in 2020 the exports were 3.6 tonnes.

According to the details accumulated by China Economic Net (CEN), this export is still less than 0.36 percent of China’s total imports of 10,500 tonnes of mangoes from January to September.

In the current year, the price of Sindhri mangoes was 168 yuan (4,500 rupees) in China for 4.5 kg, 98 yuan (2625 rupees) for 2.5 kg, and almost 40 yuan (1071 rupees)/kg. Though, during the same period, the rate of mangoes in Panzhihua, Sichuan Province, China was about one-third of the former.

Further details revealed that as compared to Australian mangoes valued at Rs 2145/kg, Pakistani mangoes are not costly in China.
 
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