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Pakistan’s export to Italy to touch USD 1 billion mark


Pakistan’s Ambassador to Italy, Jauhar Saleem stated that the country’s exports to Italy will reach USD 1 billion during the fiscal year (FY) 2021-22, according to news sources on April 29. Exports were reported to have increased by 41% this year compared to the previous fiscal year (FY) 2020-2021.

During a Zoom session with journalists, the ambassador stated that exports had reached USD 805 million in the first nine months of the current fiscal year. This has resulted in a USD 372 million trade surplus that is 65% higher than the same period last year. According to the ambassador, the services industry has been the most significant sector in expanding trade between the two countries.

Moreover, Ambassador Saleem also highlighted the remittances potential of the Non-Resident Pakistanis (NRPs) residing in Italy. The NRPs have spent USD 639 million during the first nine months (July-March) of FY22.

In response to the questions over the Basmati rice market in the EU, he said that Pakistan has successfully maintained Basmati’s exclusive Geographical Indication (GI) with 38% of the rice exported, while India has contributed just 12 % of the overall rice market. He said that Italian companies are in touch with the Pakistani authorities and will invest in energy, food processing, leather, textile, construction, and furnishing sectors.

Mr Saleem also shared details about the Italian Seasonal Work Visa for 2022, under which Italy would allow 69,700 seasonal workers to work in the agriculture and services sector in 2022. In addition, he said that both the countries are in formal negotiations over a labour agreement which would open the Italian market for the Pakistani citizens.
 

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For the past 10 years, our exports have never been able to touch the annual $29 Billion mark. It’s always been so stagnant at $25-$28 billion. Doubtful that our exports will hit $29 Billion this year. But hope I’m wrong…
 

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For the past 10 years, our exports have never been able to touch the annual $29 Billion mark. It’s always been so stagnant at $25-$28 billion. Doubtful that our exports will hit $29 Billion this year. But hope I’m wrong…
Exports will cross $30 Billion mark by the end of current fiscal year for the first time in the history of Pakistan. Total exports in 10 months are $26.23 Billion and average monthly export is $2.62 Billion. Hopefully by the end of FY22 our estimated exports will be $31.5 Billion.

Secondly, Our exports touched $25 Billion mark last year for the first time in history, so current FY will be the first in which our exports will cross $26,27,28,29,30 and hopefully 31 Billion mark.
 
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Exports will cross $30 Billion mark by the end of current fiscal year for the first time in the history of Pakistan. Total exports in 10 months are $26.23 Billion and average monthly export is $2.62 Billion. Hopefully by the end of FY22 our estimated exports will be $31.5 Billion.

Secondly, Our exports touched $25 Billion mark last year for the first time in history, so current FY will be the first in which our exports will cross $26,27,28,29,30 and hopefully 31 Billion mark.
Our exports were $25 Billion in 2011, only going up by one billion in 11 years is pathetic, shows how shit the governments did for the past 11 years.

Obviously the PTI governments has done better than the last 2 governments export wise. Hoping we can really touch that $30 billion mark. Tho the current political turmoil will negatively impact our economy.
 

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IMF projections (posted 4 weeks ago)

Pakistan exports 2022: $37.8B
Bangladesh exports 2022: 37.0B

We’ve slightly beaten Bangladesh in exports for this year, Pakistan exports is believed to be the same as Bangladesh for next year (2023).
 

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Pakistan earned $1,947.902 million by providing different information technology (IT) services in various countries during the first three quarters of fiscal year 2021-22.

This shows growth of 29.27 percent as compared to $1,506.860 million earned through provision of services during the corresponding period of fiscal year 2020-21, PBS reported. During July-March (2021-22), the export of computer services grew by 31.38 percent as it surged from $1,191.160 million last fiscal year to $1,564.922 million this year.

Among the computer services, the exports of software consultancy services witnessed an increase of 46.84 percent, from $393.791 million to $578.241 million while the exports of hardware consultancy services also rose by 304.18 percent, from $0.407 million to $1.645 million. The export and import of computer software related services also rose by 41.59 percent, from $294.965 million to $417.631 million, whereas the exports of repair and maintenance services surged to $1.130 million from $0.399 million. In addition, the exports of other computer services increased by 12.89 percent, going up from $501.598 million to $566.275 million.

Meanwhile, the export of information technology services during the period under review increased by 37.54 percent by going up from $3.010 million to $4.140 million. Among the information services, the exports of news agency services increased by 69.82 percent, from $1.640 million to $2.785 million whereas the exports of other information services however decreased by 1.09 percent, from $1.370 million to $1.355 million. The export of telecommunication services also witnessed an increase of 21.16 percent as these went up from $312.690 million to $378.840 million during the year under review, the data revealed.
 

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Amid the continuous depreciation of the rupee and an unsettling economic crisis, the federal government on Wednesday decided to impose a ban on the import of non-essential and luxury items

According to sources, Prime Minister Shehbaz Sharif has imposed a ban on the import of non-essential items that are not used by the common man. The decision is said to be important to control the dollar flight.

The sources said that the prime minister has banned the import of luxury vehicles and other non-essential items, including cosmetics, for which instructions have also been issued.

They further added that the decision was taken by the premier due to the widening trade deficit and, after holding a consultative meeting with his coalition partners, it was decided that the government will take tough decisions to stabilise the economy
 

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Govt imposes ban on import of luxury commodities to save revenue


: The federal government has imposed a ban on the import of luxury products to save much-needed revenue and to arrest the current account deficit (CAD), a news source reported on May 19. The tax ban will affect 33 product categories and will save up to USD 500 million monthly in terms of the import of these products.

Reportedly, the decision to ban imports of luxury items was announced by the government amidst a widening pay gap and the falling value of the rupee against greenbacks.

In a public announcement on Thursday, Prime Minister Shehbaz Sharif said in a Tweet that “ “My decision to ban the import of luxury items will save the country precious foreign exchange. We will practice austerity & financially stronger people must lead in this effort so that the less privileged among us do not have to bear this burden. ”

A four-page SRO598 of 2022 was released by the ministry of commerce for banned items.

List of banned items

A total of 800 items were banned, belonging to 33 categories, including food items, manufactured and CKD units, mobile phones, and confectionaries.

Automobiles
Mobile phones
Home appliances
Fruits and dry fruits (except Afghanistan)
Crockery
Private weapons and ammunition
Shoes
Chandeliers and lighting (except energy savers)
Headphones and loudspeakers
Sauces
Doors and window frames
Travelling bags and suitcases
Sanitary ware
Fish and frozen fish
Carpets (except Afghanistan)
Preserved fruits
Tissue paper
Furniture
Shampoos
Confectionary
Luxury mattresses and sleeping bags.
Jams and jellies
Cornflakes
Toiletries
heaters, blowers
Sunglasses
Kitchenware
Aerated water
Frozen meat
Juices
Pasta
Ice cream
Cigarettes
Shaving goods
Luxury leather apparel.
Musical instruments
Salon items like hairdryers
Chocolate

Reversal of the import ban on some items,

Mobile phones and completely knocked-down (CKD) items, however, are exempt from the import ban. The government has decided instead to increase tariffs on both items to discourage their import. The decision regarding the new tariffs will be announced In the second half of Friday (May 20).

 

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Pakistan is the world's largest importer of tea with import of $592 Million, 8.9% of Total Team Imported around the world. Second is USA with $473 Million.

India on the other hand is a net exporter of tea utilising it's mostly mountainous regions for that matter.
 

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MoU signed for USD 50 mn seafood export from Gwadar to China


To increase fish and seafood exports to China through the China Pakistan Economic Corridor (CPEC), Optima Integration Group of China and Asia-Pak Investments of Pakistan on Monday (May 23) signed a Memorandum of Understanding (MoU) of USD 50 million, according to news sources. It is the first agreement signed between private entities and enterprises from both sides under the Business-to-Business (B2B) model.

As per the agreement, the Chinese firm will invest USD 50 million in the development of an end-to-end cold store and supply chain system for the export of over 79 approved fish species from Gwadar to China. The company will also set up a high-tech processing facility in Gawadar Industrial Zone that will package and custom clear the packaged products for China. The firm will also establish a Chinese customs clearance facility in Gwadar for rapid transport of material.

The project will be carried out in two phases, with the first phase providing 100 jobs in Gwadar and Karachi. The facility will begin processing livestock, beef, and goats for export to China via cold chain transport in the second phase of the project, and will then scale with Chinese standard breeding, feedlot operations, vaccinations, track and trace technology, and slaughter and packing facilities in Karachi.
 
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