Trade deficit at $10.72 bln in 7 months: The News

ISLAMABAD: Trade deficit of the country was recorded at 10.72 billion dollars in the first 7 months of the current fiscal year.

According to the figures released by the Federal Bureau of Statistics, country’s exports increased by 8 percent to 10.95 billion dollars compared to the same period last year.

The imports were recorded at 21.66 billion dollars which is 5.77 percent higher than the previous year.

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Pakistan’s Inflation Slows After Four Rate Increases: Bloomberg

By Khalid Qayum

Jan. 12 (Bloomberg) -- Pakistan’s inflation eased from near a three-decade high in December after the central bank raised its benchmark interest rate four times in 2008.
Consumer prices in South Asia’s second-largest economy increased 23.34 percent from a year earlier after gaining 24.68 percent in November, the Federal Bureau of Statistics said in Islamabad today. Analysts were expecting a 22.6 percent increase.

Slower inflation may allow the State Bank of Pakistan to refrain from another rate increase in its next policy statement later this month, economists said. The central bank promised the International Monetary Fund as part of a $7.6 billion bailout to raise borrowing costs if foreign reserves drop too low.

“Given our declining inflationary numbers and stable exchange rate outlook, we expect interest rates to decline in coming months,” said Muhammad Imran Khan, an analyst at First Capital Securities Ltd. in Karachi. “An interim cut in the key policy rate between January and July cannot be ruled out.”

Former Governor Shamshad Akhtar on Nov. 12 raised the central bank’s key rate by 2 percentage points to 15 percent, describing the move as “the toughest decision of my life.” The bank pledged to the IMF to increase the rate again if foreign reserves fell below $1.165 billion at the end of December.

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Pakistan's Dec trade gap narrows to $816 mln: Forbes

ISLAMABAD, Jan 10 (Reuters) - Pakistan's trade deficit narrowed to $815.92 million in December from $1.19 billion in December 2007, and fell from the deficit of $1.196 billion in November, the Federal Bureau of Statistics said on Saturday.

The deficit in the six months from July through December, the first half of the 2008/09 fiscal year, widened to $9.55 billion as compared to $8.29 billion in the corresponding period last year, the data showed.

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Export of textile, food items increases: The News

ISLAMABAD: Textile exports during the month of November 2008 witnessed increase of 1.22 percent as compared to exports of October 2008. Textile exports during November were recorded at $838 million as against exports $828 million registered in October 2008, according to data released by Federal Bureau of Statistics. However, as compared to the textile exports of the same month of last financial year, exports during November 2008-09 witnessed decrease of 7.2 percent. Textile exports during November (2007-08) were recorded at $903 million.

As compared to October 2008, the export of raw cotton during the month under review was increased by 23.15 percent however, cotton yarn witnessed decrease of 11.02 percent while export of cotton cloth witnessed decline of 3.57 percent. Export of carded cotton was decreased by 56.03 percent, yarn other than cotton yarn by 23.65 percent, towels by 8.77 percent and madeup articles export declined by 8.30 percent.

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Pakistan's Nov trade gap narrows to $1.196 bln: Forbes

KARACHI, Dec 12 (Reuters) - Pakistan's trade deficit narrowed to $1.196 billion in November from $1.62 billion in November 2007, and fell even more sharply from last month's deficit of $1.94 billion.

According to the Federal Bureau of Statistics data released on Thursday, exports stood at $1.53 billion in November, little changed from $1.54 billion in the same period of last year.

Imports fell to $2.72 billion in November from $3.16 billion a year ago, the data showed.

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Fish exports cross $200 million: Dawn

By Aamir Shafaat Khan

KARACHI, July 18: The fish export crossed the barrier of $200 million in 2007-08 for the first time in Pakistan's history despite losing the European market of $55-60 million after a ban was imposed by the EU in April 2007.

According to figures of the Federal Bureau of Statistics (FBS), export of fishery products surged by 12 per cent and nine per cent in terms of value and quantity, respectively, to $212 million (134,657 tons) as compared to $188 million (123,588 tons) in 2006-07.

The ban is likely to stay till the end of this year as EU's relevant audits and inspection plan for July-December 2008 does not carry Pakistan's name.

The programme includes visits by the EU team to various countries, including Bangladesh, Barbados, China, Faroe Islands, Ghana, India, Israel, Malaysia, New Zealand, Republic of Korea, South Africa, Taiwan, Thailand and the US, according to the food and veterinary programme of audits and inspection for July-December 2008, issued by the Directorate-General of Consumer Protection, European Commission.

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