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Pakistan: Imports of automobiles, tea, and cell phones rise dramatically

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6 months ago

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In recent months, there has been a significant increase in the import of a variety of goods into Pakistan; among the commodities with large increases recorded are vehicles, tea, and mobile phones.

Recent data indicate that over the previous 11 months, the import of cellphones increased by an astounding 214%, amounting to approximately $1.062 billion. This import cost is a staggering Rs458 billion in Pakistani currency.

Similarly, there was a sharp increase in auto imports of 269%, amounting to about $235 million, or Rs66.47 billion in local currency.

Additionally, the amount spent on tea imports into Pakistan increased by 17% to $603.7 million. This demonstrates the steady demand for this commodity, since it is equivalent to more than Rs171 billion in Pakistani rupees.

A significant increase in machinery imports was also seen, rising by 40% to $7.6 billion, highlighting expenditures on infrastructure and industrial equipment. Imports of crude oil rose by 12% and surpassed $5 billion in the meantime, demonstrating continued demand in spite of volatility in the world market.

In the meantime, the government’s plan to levy an 18% sales tax on mobile phones costing up to $200 (approximately Rs56,000) was soundly rejected by the Senate Standing Committee on Finance and Revenue.

Senator Anusha Rehman expressed her vehement objection to the proposed tax, arguing that smartphones are necessities rather than extravagance. The speaker emphasised that a tax of this kind would disproportionately impact phones with lower prices, rendering them unaffordable for a large number of customers.

However, in the currency market, the US dollar has strengthened further versus the rupee, demonstrating continuous changes in the value of currencies.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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5 days ago

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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5 days ago

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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5 days ago

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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