ISLAMABAD: The food exports from the country surged by 29.28 percent during the outgoing fiscal year 2017-18 against the exports of the same period of last year.
The food exports from the country were recorded at $4797.936 million during July-June (2017-18) against the exports of $3711.159 million during July-June (2016-17), showing growth of 29.28 percent, according to the latest data of Pakistan Bureau of Statistics(PBS).
Among the food products, the exports of rice increased by 26.78 percent by growing from $1606.834 million last year to $2037.075 million. Among the rice varieties, exports of basmati rice increased by 19.14 percent while the exports of other rice commodities increased by 29.78 percent.
Meanwhile, the exports of fish and fish preparations from the country increased by 14.57 percent by growing from $393.662 million to $451.026 million while the exports of fruits increased by 5.08 percent by going up from $184.016 million to $241.426 million.
Likewise, the exports of vegetables increased by 30.56 percent, from $184.916 million to $241.426 million whereas the exports of tobacco increased by 76.01 percent, from $14.813 million to $26.073 million.
Sugar exports from the country increased by 215 percent, from $161.039 million to $508.333 million while the wheat exports went up from $1.038 million to $236.339 million, showing growth of 22668 percent.
Exports of meat and meat preparation increased by 2.26 percent by growing from $220.662 million last year to $225.646 million during July-June (2017-18), the PBS data revealed.
The food products that witnessed negative growth in exports included leguminous vegetables, exports of which declined by cent percent. The exports of oilseeds, nuts, and kernels also decreased by 21.35 percent.
It is pertinent to mention here that the overall merchandise exports from the country surged by 13.74 percent during the fiscal year 2017-18 as compared to the previous fiscal year (2016-17).
The exports from the country during July-June (2017-18) were recorded at $23.228 billion against the exports of $20.422 billion in July-June (2016-17), showing growth of 13.74 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).
Imports into the country during the period also increased by 15.10 percent by going up from $52.910 billion in FY 2016-17 to $60.898 billion during FY 2017-18.
Based on the figures, the external trade deficit during the outgoing fiscal year 2017-18 increased by 15.95 compared to last year.
The trade deficit during FY 2017-18 was recorded at $ 37.670 billion against the deficit of $32.488 billion in FY 2016-17.
ECC approves uninterrupted gas supply to export oriented industry
ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.
The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.
According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.
German business delegation due on 22nd Oct.
KARACHI: A thirty-member business delegation from Germany -representing important sectors like energy, engineering, security technology, financial services, and construction- will be on a two-day visit to Karachi, from 22ns October.
This delegation was the result of joint efforts by Bavarian Ministry of Economic Affairs, Energy and Technology; Pakistan Embassy in Berlin with support of Dr. Poetis, who is Honorary Consul General of Pakistan in Munich; the Embassy of Germany in Pakistan and the German Consulate in Karachi, President GPCCI, Qazi Sajid Ali told APP here today.
On the first day, German-Pakistan Chamber of Commerce and Industry has arranged a conference on the trade and investment opportunities in Germany and Pakistan. Sindh Chief Minister Syed Murad Ali Shah is expected to inaugurate this programme.
Then, the delegation would visit Karachi Chamber of Commerce and Industry, Trade Development Authority of Pakistan, Sindh Board of Investment, Pakistan Business Council’s secretariat and the Governor House.
Qazi said that after a long period of time, a business delegation from Germany was coming to Karachi for business discussion with Pakistani counterparts and would finalize the projects of mutual interest for the bilateral business growth. Some of the German businessmen are also interested in the joint ventures. The visit would encourage German investment here and exports of Pakistani goods to Germany.
Spanish companies’ investments welcomed
ISLAMABAD: Minister for Information and Broadcasting Chaudhry Fawad Hussain today said Spanish companies were welcome to invest in the energy, infrastructure and tourism projects in Pakistan.
Speaking at a reception hosted by the Spanish embassy to celebrate the National Day of Spain, he said Pakistan highly valued its friendly and cooperative relations with Spain, bilaterally as well as in the context of European Union.
“Our relationship is based on mutual respect and similarity of perceptions on global issues of mutual concern. The trajectory of Pakistan Spain ties is positive and we are determined to make every effort to maintain it.”
The minister said, “Our mutually beneficial cooperation is strengthened by our shared democratic values, commitment to continued engagement and willingness to help each other. Pakistan looks forward to deepening its partnership with Spain for the achievement of its objectives of peace, prosperity, and development.”
He said Pakistan and Spain closely cooperated on issues of importance, both bilaterally as well as at the multilateral platforms, including the United Nations.
Bilateral trade between the two countries stood at US$ 1.07 billion with Pakistan’s exports of US$ 860 million and imports of US$ 211 million for the period June 2017-March 2018. There is substantial potential for further expansion.
“There is a considerable number of Pakistanis living in Spain and they serve as a bridge between our two friendly countries and positively contribute to the economic development of Spain,” he said adding, “We will have more investment opportunities after the establishment of Special Economic Zones, aimed at promoting regional trade. We have lots of business opportunities with investment-friendly policies. Let us progress together through collective efforts and cooperation.”
Fawad said the government would welcome investment of European Union countries in projects related to CPEC.
He invited people from all friendly countries for a visit to Pakistan for business and tourism. “They will find a much safer Pakistan than it was a few years ago. The situation has improved and will improve further.”
He extended deepest felicitations to the government and people of Spain on their National Day. Spain’s Ambassador to Pakistan Carlos Morales said Pakistan had a rich cultural heritage and he witnessed many changes during his more than three-year stay in the country. The one major change was that Pakistan was now a more safe place, which was a major achievement.
He said Spain wanted to boost relations with Pakistan in the fields of trade and investment. The ambassador said during his stay he tried to enhance people-to-people contacts and bilateral cooperation in the areas of education, culture, and tourism.
Hundreds of Pakistani students were pursuing graduate and postgraduate studies in Spain, he added. Earlier, national anthems of the two countries were played at the event attended by politicians, members of the diplomatic corps and prominent citizens from all walks of life.