Business

Fish exports increase by 12.23pc to $224.9 million

Published

8 months ago

January 25, 2023

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Fish exports increase by 12.23pc to $224.9 million

The exports of fish and fish preparations increased by 12.23 percent during the first half of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The country earned $224.982 million from seafood exports during July-December (2022-23) against the exports of US $200.473 million in July-December (2021-22), showing growth of around 12.23 percent, PBS reported.

In terms of quantity, the exports of fish and fish preparations increased by 18.61 percent going up from 74,626 metric tons last year to 88,517 metric tons in the first six months of last year.

On a year-on-year basis, the seafood exports decreased by 21.54 percent to $39.206 million in December 2022 as compared to the exports of $49.971 million during December 2021.

In terms of quantity, the exports witnessed a 5.67 percent decrease going down from 17,895 metric tons last year to 16,880 metric tons this year.

On a month-on-month basis, the seafood exports declined by 23.42 percent when compared to the exports of $51.198 million in November, according to the PBS data.

In terms of quantity, fish exports went down by 18.71 percent in December 2022 compared to the exports of 20,382 metric tons in November 2022.

The overall food exports from the country were recorded at $2,325.474 million during July-December (2022-23) against the exports of $2,481.010 million recorded during July-December 2021, showing negative growth of 6.27 percent.

It is pertinent to mention here that the trade deficit witnessed a decline of 32.65 percent during the first half of the current fiscal year as compared to the corresponding period of last year.

The trade deficit during July-December (2022-23) was recorded at $17.133 billion against the deficit of $25.438 billion in July-December (2021-22), a decline of 32.65 percent.

The exports during the period were recorded at $14.249 billion against $15.125 billion last year, showing a decline of 5.79 percent.

On the other hand, the imports witnessed a sharp decline of 22.63 percent falling from $40.563 billion last year to $31.382 billion during the current fiscal year.

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Business

Nepra approves Rs3.28 per unit increase in power tariff

Published

1 day ago

September 23, 2023

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Nepra approves Rs3.28 per unit increase in power tariff

The National Electric Power Regulatory Authority (Nepra) has approved Rs3.28 per unit increase in power tariff on the account of fuel cost adjustment for fourth quarter of fiscal year 2022-23.

The regulatory body has sent his decision to the federal government for final approval. The increase in electricity prices will come into effect immediately after it is approved by the government.

The distribution companies (Discos) would recover Rs159 billion from consumers during the period of six months (October 2023 to March 2024).

The revised rate will be applicable on all customers.

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Business

Inflation goes up as people feel effects of fuel price hikes

Published

1 day ago

September 23, 2023

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Inflation goes up as people feel effects of fuel price hikes

Food and fuel prices continue fuelling inflation in Pakistan as the Sensitive Price Indicator (SPI) for the week ended September 21 witnessed a 0.93 per increase amid the complete government failure to check the rates.

Read more: Food prices owing to weaker rupee, supply shortages will push Pakistan inflation: ADB

The latest data released by the Pakistan Bureau of Statistics (PBS) shows that chicken price had jumped by 8.49pc followed by petrol 8.51pc, diesel 5.54pc garlic 5.19pc and onion 3.02pc.

At the same time, the year-on-year increase in SPI stood at 38.66pc when compared with the corresponding week of last year.

Read more: More food inflation as fuel price hikes increase production, transportation costs

The rising inflation in Pakistan urgently needs government intervention and a study of how different governments are dealing with the challenge. Tax on cut on food items is one of methods.

Read more: Fighting the food inflation: From net-zero VAT to supermarkets seeking price cuts

Earlier this week, the Asian Development Bank (ADB) had warned that average inflation in Pakistan will soar to 29.2 per cent caused by supply shortages, continued currency depreciation, import restrictions, and fiscal stimulus for post-pandemic recovery.

Meanwhile, the rising food prices shouldn’t be a surprise given that the regular fuel price hikes are increasing the production and transportation costs.

The main reason behind the persistent inflation in Pakistan is devaluation as the rupee had dropped to the record against the US dollar – a trend that is being reversed somewhat amid a crackdown on blacking marketers on hoarders.

However, the exchange rate is still too high, requiring further correction, as the people have also been hit hard for power and gas tariffs as the conditions set by the International Monetary Fund (IMF).

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Business

Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Published

5 days ago

September 19, 2023

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Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Devaluation – a process that started under former finance minister Miftah Ismail in late 2017 and late 2018 but gained momentum under the PTI government – is the root cause of inflation shouldn’t be a contested statement as it has made imports even more expensive for Pakistan.

And that’s countries like Pakistan are the worst affected due the rising commodities prices in global market as weaker currencies mean the overall impact is much deeper for them than the rest.

Read more: Rupee collapse is the reason behind all ills Pakistan is facing

This argument was endorsed by none other a high-ranking government official – Power Division Secretary Rashid Langrial who said on Monday that the capacity [charges] payment had doubled after the dollar exchange rate increased from Rs100 to Rs300, thus resulting in skyrocketing electricity tariffs for consumers.

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