Pakistan Economy Thread


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Electric Power Company to invest $2 billion in
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Mining Block Two under
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....




The
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government is expected to attract investment of around $4-6 billion by auctioning four new mining blocks of Thar coal reserves and handing over management of Thar airport to a private firm, Provincial Minister for Energy Imtiaz Ahmed Shaikh told The Express Tribune.

China's state-owned firm Shanghai Electric Power Company Limited (
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), which will likely invest over $2 billion in Thar coal mining and a coal-fired power project under the
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-
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Economic Corridor (CPEC), has recently kicked off civil works on the second mining block. The company would officially announce launch of the project soon.
 

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Govt Plans to Set Up 6 Oil Refineries With 1.1 Million BPD Capacity...



The government is working on a multi-faceted strategy to accelerate oil and gas exploration activities in potential areas and achieving self-sufficiency in the crude oil refining sector.

“Currently, as many as six projects, investment initiatives and proposals in oil refining sector are in pipeline and at different stages to purify around 1.110 million Barrel per Day (BPD),” said a senior official privy to the petroleum sector development.

Under this strategy, the following refineries are being planned:

  • Oil refinery and petrochemical complex of 300,000 BPD oil capacity at
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    ,
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    ’s 250,000 BPD Coastal Refinery at
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    , Balochistan
  • SINO Infrastructure Hong Kong Oriental Times Corporation’s (SIOT) 250,000 BPD Gwadar Refining & Industrial Park
  • Upcountry Deep Conversion Refinery and Crude Pipeline of 250,000-300,000 BPD oil in collaboration with Pakistan State Oil Power China International Group
  • Falcon Oil Private Limited’s 40,000 BPD oil refining facility at
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    ,
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  • Khyber Refinery’s facility which will purify 20,000 BPD of oil in
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    .

Currently, eight oil refineries operating in the country including:
  1. Pakistan Refinery Limited (PRL),
  2. National Refinery Limited (NRL),
  3. Pak¬Arab Refinery Limited (PARCO),
  4. Attock Refinery Limited (ARL),
  5. Byco Petroleum Pakistan Limited (BPPL¬I),
  6. Byco Petroleum Pakistan Limited (BPPL¬II),
  7. Enar Petroleum Refining Facility (ENAR¬I)
  8. Enar Petroleum Refining Facility (ENAR-II) operate in the country
 

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Pakistan’s Trade Deficit Fell by $2.2 billion in July-August 2019...



Figures were released by the Pakistan Bureau of Statistics (PBS) on Friday.

According to PBS, Pakistan’s exports in August 2019 saw a decline of 7.65% to $1.859 billion as compared to $2.013 billion of August 2018.
On a monthly basis, the country’s exports in August were posted at $1.859 billion against $ 1.894 billion in July 2019, showing a decline of 1.85 percent.

According to data released by the PBS, cumulatively, the exports grew 2.8% or just $102 million to $3.75 billion in the July-August period of the current fiscal year as compared with $3.65 billion in 2018, which suggests a serious review of the monetary policy.

The following were the major exports commodities during August 2019:

Knitwear (Rs. 44,054 million)
Readymade garments (Rs. 37,261 million)
Bed wear (Rs. 32,549 million)
Cotton cloth (Rs. 27,991 million)
Cotton yarn (Rs. 17,282 million)
Rice others (Rs. 12,739 million)
Towels (Rs. 9,686 million)
Rice Basmati (Rs. 9,130 million)
Made-up articles (excl. towels & bed wear) (Rs. 8,528 million)
Surgical Goods & Medical Instruments (Rs. 5,971 million).
Balance of Trade
The trade deficit saw a decline of 35.86%, as it shrank to $3.92 billion from $6.1 billion in the first two months of this fiscal year (July-August). There was a decrease of $2.2 billion in the trade deficit and almost all of it came from falling imports.

Imports

During August 2019, Pakistan’s imports saw a decline of 9% to $3.658 billion as compared to $4.019 billion in July 2019. Moreover, on an annual basis, Pakistani imports witnessed a reduction of 26.26% as imports in August 2018 were $4.961 billion against $3.658 billion in August 2019.

In terms of US dollars, the imports during July-August 2019 totaled at $ 7.677 billion against $ 9.769 billion during the corresponding period of last year, showing a decrease of 21.41 percent, which provided relief to the government.

The following were the major imported commodities during August 2019:

Petroleum products (Rs. 76,215 million)
Natural gas, liquified (Rs.46,779 million)
Electrical machinery and apparatus (Rs. 38,133 million)
Plastic materials (Rs. 25,347 million)
Palm oil (Rs. 23,792 million)
Iron and steel (Rs. 23,695 million)
Petroleum crude (Rs.23,328 million)
Iron and steel scrap (Rs. 19,415 million)
Power generating machinery (Rs. 15,564 million)
Medicinal Products (Rs. 13,692 million).
 

Dolcevita

Senior Member
Pakistan’s Trade Deficit Fell by $2.2 billion in July-August 2019...



Figures were released by the Pakistan Bureau of Statistics (PBS) on Friday.

According to PBS, Pakistan’s exports in August 2019 saw a decline of 7.65% to $1.859 billion as compared to $2.013 billion of August 2018.
On a monthly basis, the country’s exports in August were posted at $1.859 billion against $ 1.894 billion in July 2019, showing a decline of 1.85 percent.

According to data released by the PBS, cumulatively, the exports grew 2.8% or just $102 million to $3.75 billion in the July-August period of the current fiscal year as compared with $3.65 billion in 2018, which suggests a serious review of the monetary policy.

The following were the major exports commodities during August 2019:

Knitwear (Rs. 44,054 million)
Readymade garments (Rs. 37,261 million)
Bed wear (Rs. 32,549 million)
Cotton cloth (Rs. 27,991 million)
Cotton yarn (Rs. 17,282 million)
Rice others (Rs. 12,739 million)
Towels (Rs. 9,686 million)
Rice Basmati (Rs. 9,130 million)
Made-up articles (excl. towels & bed wear) (Rs. 8,528 million)
Surgical Goods & Medical Instruments (Rs. 5,971 million).
Balance of Trade
The trade deficit saw a decline of 35.86%, as it shrank to $3.92 billion from $6.1 billion in the first two months of this fiscal year (July-August). There was a decrease of $2.2 billion in the trade deficit and almost all of it came from falling imports.

Imports

During August 2019, Pakistan’s imports saw a decline of 9% to $3.658 billion as compared to $4.019 billion in July 2019. Moreover, on an annual basis, Pakistani imports witnessed a reduction of 26.26% as imports in August 2018 were $4.961 billion against $3.658 billion in August 2019.

In terms of US dollars, the imports during July-August 2019 totaled at $ 7.677 billion against $ 9.769 billion during the corresponding period of last year, showing a decrease of 21.41 percent, which provided relief to the government.

The following were the major imported commodities during August 2019:

Petroleum products (Rs. 76,215 million)
Natural gas, liquified (Rs.46,779 million)
Electrical machinery and apparatus (Rs. 38,133 million)
Plastic materials (Rs. 25,347 million)
Palm oil (Rs. 23,792 million)
Iron and steel (Rs. 23,695 million)
Petroleum crude (Rs.23,328 million)
Iron and steel scrap (Rs. 19,415 million)
Power generating machinery (Rs. 15,564 million)
Medicinal Products (Rs. 13,692 million).
I really like the quality of Pakistani Cotton garments, Very thick soft, smooth and comfortable, If only there are more accessible and more variety, I would not mind purchasing more.
 

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targets five countries for greater market access


Dawood says economy on right track as exports rise, imports fall...

The increase in production of value-added goods is a good sign and rise in exports and decline in imports shows that the economy is on the right track, said Adviser to Prime Minister on Commerce Abdul Razak Dawood.

Speaking at an event of the Lahore Chamber of Commerce and Industry (LCCI), the adviser said 14% rise in exports and 18% fall in imports in July 2019 compared to the previous year showed that things were now moving in the right direction.

“We are rectifying things on the economic front that went wrong in the past,” he remarked.

Giving an overview of the economy, Dawood said Pakistan had a trader-led import and consumption-driven economy in the past. “Uncontrolled imports, under-invoicing, unsupportive tariff structures, and an irrational exchange rate led to the deterioration of the economy.”

He pointed out that big industries had stopped manufacturing and had started importing because there was 5% duty on finished goods as compared to 20% on the import of raw material.

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The Current Account Deficit of
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has gone down by 54.7% in the first 2 months of Financial Year 2020


The Current Account Deficit of
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has gone down by 54.7% in the first 2 months of Financial Year 2020. This has led to a saving of USD 1.5 billion in Foreign Exchange.

The Current Account Deficit declined by 32% in last financial year (from USD 19.8 bn to 13.5 bn).

 

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Pakistan China finalized $8 billion for Pakistan Railways...



Pakistan and China have finalized the multi-billion dollar Main Line-I (ML-I) project of the China Pakistan Economic Corridor (CPEC), Federal Minister for Railways Sheikh Rashid Ahmed said .

“I held a meeting with my Chinese counterpart this morning and finalized the project,” he told media at Diaoyutai State Guest House.
Sheikh Rashid Ahmed is part of Prime Minister Imran Khan’s delegation currently visiting China.

While expressing gratitude to Prime Minister Imran Khan for taking great interest in the project, he said the Main Line-I (ML-I), an important project for Pakistan Railways has got a real shape after 14 years.
 

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