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Economy

Pakistan agriculture sector all set to grow 3.81% in current fiscal year!

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First spell of monsoon rains beneficial for seasonal crops

ISLAMABAD: Agriculture sector of the country is estimated to grow by 3.81 percent during the fiscal year 2017-18 against the growth of 2.07 in 2016-17 and 0.15 in 2015-16, showing considerable improvements as compared to last couple of years.

Among the agriculture sector, the crops sector witnessed 3.83 percent growth, with important crops growing by 3.57 percent and others crops by 3.33 percent, according to latest data available for six to eight months and projected for the whole year. During the year 2016-17, the growth of crops was recorded at 0.91 percent while there was negative growth of 5.27 percent in 2015-16, the provisional Gross Domestic Product (GDP) estimates revealed.

The Cotton Ginning sector was the top contributor in terms of percentage to help agriculture sector achieve this growth rate as this sector grew by 8.27 percent during the period under review. The cotton ginning had witnessed 5.58 percent growth in 2016-17 and negative growth of 22.12 in financial year 2015-16.Similarly, the livestock sector grew by 3.76 percent in 2017-18 against the growth of 2.99 percent in 2016-17 and 3.36 percent in 2015-16.

The forestry sector also grew by 7.17 percent in 2017-18, which had witnessed negative growth of 2.37 percent in 2016-17 and positive growth of 14.31 percent in 2015-16. The fishing sector also witnessed positive growth of 1.63 percent in 2017-18 against the growth of 1.23 percent in 2016-17 and 3.25 percent in 2015-16, the data revealed. 

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Economy

Govt to develop best quality cotton seed for higher yield: Ghazanfar

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ISLAMABAD: Additional Secretary Agriculture Dr Ghazanfar Ali Khan has said the government was striving hard to develop best quality cotton seed varieties for getting higher yield.
During inspection of different varieties cultivated at Cotton Research Institute in Multan, he urged upon cotton scientist to develop varieties which could have potential to bear extremity of weather and immense resistance.
He maintained the cotton should meet demand of local textile industry. He also hailed the liaison between Muhammad Nawaz Sharif University of Agriculture and Research Institute would surely come up with good results.

A piece published earlier: Federal Cotton Committee (FCC) will be meeting tomorrow (Monday, March, 6) to analyze arrangements of cotton crop cultivation during the upcoming session of 2017-18 across the cotton growing areas of the country. Cotton Commissioner Dr. Khalid Abdullah has informed that the said meeting will be attended by officials of federal ministries including national food security and research, textile industry and planning and development. Representatives of other stakeholders including Federal Seed Certification Department, Meteorological office, Indus River System Authority and Zaraei Taraqiati Bank Limited will also be available. While the report about the water supply situation during the season will be presented by Indus River System Authority, the meteorological office will apprise the meeting of the weather forecast. Dr. Khalid said that the precautionary measures of the crop will get the maximum output. Cotton Commissioner also said that in order to avoid pest attacks on major cash crop of the country, ban was enforced on early crop cultivation before April 15, 2017. In order to overcome any pest attack, Ministry of Textile Industry in cooperation with other stakeholders has launched a comprehensive training program for cotton growers. Under the training program, more than 500 master trainers were coached and assigned to further educate officials of field’s extension departments of the provinces to disperse training to the farmers in Punjab. (Published on 5t March 2017) 

 

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Business

Food exports surge 29.28pc to over $4.797 billion

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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.

 

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Economy

CPEC has added practical dimension to Sino-Pak ties!

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ISLAMABAD: Foreign Minister Abdullah Hussain Haroon on Friday said that China Pakistan Economic Corridor (CPEC) had added a practical dimension to the strategic partnership between the two countries and through its energy and infrastructure projects, CPEC has already started yielding dividends for Pakistan.
He said that Pakistan-China relations were a shining example of win-win cooperation and commended  President Xi Jinping’s visionary Belt and Road Initiative and CPEC as the flagship project of BRI. The foreign minister was speaking at a function about Belt and Road Initiative (BRI) and CPEC at the
Ministry of Foreign Affairs.
Henry Tillman, Chairman, and Chief Executive Officer, Grisons Peak Investment Bank, UK, which is an authority on BRI & CPEC and other Chinese economic initiatives the world over in a comprehensive presentation, outlined the impressive successes and milestones achieved by CPEC.
Agreeing with the foreign minister, Tillman highlighted the successes of BRI and CPEC projects and their economic impact. He said that CPEC was benefiting Pakistan in practical terms especially in the energy and infrastructure sectors.
Several power projects had been completed and a number of roads had been built, he said and added many projects in energy and infrastructure were in completion phases. He said that CPEC  would generate 800,000 jobs.
Tillman also highlighted the expected positive spillover impact of BRI and CPEC on FDI from other countries, as well as the development of Pakistan’s construction, manufacturing, tourism, and e-commerce sectors.
He focused on the tremendous opportunities to be made available through the Special Economic  Zones, which were already attracting international interest and could act as catalysts for accelerated economic and industrial growth.
Appreciating the success of CPEC, Tillman opined that in comparison to other BRI corridors Pakistan had done well in fast-tracking CPEC, due to which negativity about Pakistan was dissipating, many major companies were coming to Pakistan, revenue was being generated and new opportunities for investment were opening up.
President Xi Jinping had shown his full confidence in Pakistan by committing to invest more than the US $ 60 billion through CPEC. He stressed that Pakistan had the gift of being ahead of everyone else
involved in BRI.
The event is part of Ministry of Foreign Affairs’ ongoing efforts to highlight the positive impact of CPEC on Pakistan’s economy and its importance for regional connectivity. The event which was hosted by Foreign Minister Abdullah Hussain Haroon was attended inter alia by Minister for Finance, Dr. Shamshad Akhtar; Minister for Law and Justice Syed Ali Zafar,  Ambassador of the People’s Republic of China to Pakistan, HE Yao Jing, CEOs of Chinese Companies and senior government officials.   A large number of members of Islamabad’s think tank community and academia also  participated.

 

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