Browsing: Business

In the initial half of the fiscal year, our nation experienced a substantial 64% surge in revenue from agricultural and food product exports, resulting in a noteworthy reduction in the trade deficit. Key contributors to this growth included a nearly doubled income from rice exports, along with significant increases in maize and sesame seeds exports.

Pakistan’s travel services sector showed a commendable 3.25% growth, reaching $225.083 million in the first four months of the fiscal year 2023-24, reflecting resilience and expansion. Notable spikes in health and education-related expenditures contribute to this positive trend, signaling increased global participation and economic development.

JDW Sugar Mills Ltd. is set to launch a state-of-the-art Ethanol/Distillery Project, utilizing in-house sugar molasses for export-quality ethanol production, with an expected daily capacity of 200,000 to 230,000 liters and a planned Commercial Operation Date by January 2025.

The Pakistani rupee strengthened against the US Dollar, closing at 281.72, up 17 paisas, after a brief intraday dip. Forecasts indicate potential depreciation to 325 by December 2024 amid economic uncertainties.

Pakistan’s IT sector thrives, earning $892.972 million in the initial four months of fiscal year 2023-24, reflecting a 4.45% increase from the previous year. Notable growth in computer services and software consultancy contributes to the sector’s dynamic performance.

Revolutionizing grocery shopping, Sauda Store in Pakistan introduces a Buy Now, Pay Later approach, integrating with corporate payroll systems for employee perks, and plans expansion with its extensive product range. The user-centric BNPL model promises stress-free shopping and financial ease, marking a unique innovation in the market.

Pakistan intensifies efforts against tax non-filers, threatening utility and mobile disconnections to broaden the tax base, while exceeding revenue targets and aiming for a positive shift towards higher direct taxes. The move aligns with IMF requirements for a crucial loan tranche, emphasizing the country’s commitment to fiscal responsibility.

Pakistan’s trade deficit shrunk by 34% in H1 FY24, reaching $11.148 billion, driven by a 5% boost in exports ($14.981 billion) and a 16% drop in imports ($26.129 billion). December 2023 alone witnessed a notable 13% monthly and 40% yearly reduction in the deficit, signaling positive trade balance trends.

The Pakistan Stock Exchange (PSX) begins 2024 with a strong surge, gaining 1,580 points in the KSE-100 index, building on the impressive 55% return in 2023. Factors such as a stable local currency, declining fuel prices, and positive investor sentiment driven by government initiatives contribute to the buoyancy in the market.

Pakistan Railways’ revenue soared to a historic Rs 41 billion in H1 2023-24, a substantial increase from Rs 28 billion in the same period last year. CEO Aamir Baloch emphasized improved employee salary disbursement, ambitious plans for passenger services, and the strategic move to boost revenue through increased Right of Way charges.