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Pakistan receives $2.5 billion from the export of IT services.

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6 months ago

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According to the Pakistan Bureau of Statistics (PBS), this indicates a gain of 20.41 percent when compared to the US $2.135 billion received through the provision of services during the corresponding months of the previous fiscal year 2022–2023–23.

From US $1.729 billion in July of last year to US $2.153 billion in July through April of 2023–24, the export increased by 24.55% over the reviewing months.

The export of computer services saw a rise of 10.80% in software consultation services, from US$ 633.107 million to US$ 701.456 million this year, and a 19.24% growth in hardware consultancy services, from US$ 4.793 million to US$ 5.715 million.

Nonetheless, the export of maintenance and repair services fell by 45.69%, from US $2.762 million to US $1.500 million, while the import and export of computer software services increased by 6.77 percent, from $489.737 million to $522.909 million.

At the same time, the export increased by 105.90% from US $4.240 million to US $8.730 million during the review months.

The information services had a 167.58% growth in news agency services exports from US $2.505 million to US $6.730 million, while other information-related services saw a 16.83% increase from US $1.735 million to US $2.027 million.

From US $402.260 million to US $430.590 million, the export of telecommunication services climbed by 7.04 percent, according to the numbers.

In terms of telecommunication, the PBS data showed that the export of call centre services rose by 17.59 percent over the course of the month, from US $180.682 million to US $212.467 million. In contrast, the export of other telecommunications saw a 1.56 percent decline this year, from US $221.578 million to US $218.123 million.

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In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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