Browsing: Business

Pakistan’s economic landscape witnessed a downturn in the textile sector, declining by 5%, but the rice export sector thrived, surging by 76.5% to $1.638 billion, driven by India’s export ban. This success in exports, however, was accompanied by domestic challenges as staple prices soared over 100%, impacting millions of Pakistanis and highlighting the nuanced nature of the country’s economic dynamics.

In response to economic challenges, Pakistan Suzuki Motor Company introduces enticing incentives, such as a Rs. 100,000 ‘Purchase Bonus’ for Wagon R, to stimulate sales, resulting in a recent 7% monthly increase despite a significant 55% year-on-year decline.

Chery is introducing new car models in Pakistan, featuring the electric Omoda E5 with a 430 km range and the versatile Jaecoo J7 SUV. With a commitment to innovation, Chery aims to elevate the automotive experience in the evolving Pakistani market.

Mari Petroleum Company Limited achieved successful testing of the second appraisal well in Mari Ghazij formation, reaching a depth of 1,014 meters with a post-acid gas flow rate of 6.57 MMSCFD. The well is poised for test production pending regulatory approvals.

Pakistan’s Real Effective Exchange Rate (REER) in December 2023 edged up to 98.9, signaling favorable returns for exports and an undervalued currency, as per the State Bank of Pakistan. The REER value below 100 implies sustained trade competitiveness.

SIWA INDUSTRIES partners with AIMA to bring Chinese electric bikes to Pakistan, expanding the market’s offerings. AIMA’s flagship store launch follows a growing trend of Chinese electric bike brands entering the country, with Yadea having recently introduced its T5 model.

Despite challenges, Islamabad International Airport marked a milestone in 2023 with its highest-ever passenger influx of 6 million, showcasing operational excellence. As the government plans a 15-year outsourcing initiative, critical services remain under its control, ensuring a strategic balance in aviation management.

Utility Stores Corporation achieved a milestone with its highest-ever sales of Rs. 137.155 billion in FY23, recording a net profit of Rs. 764 million, attributed to government subsidies on essential items. The state-run utility has maintained profitability for three consecutive years, reflecting consistent growth.

The Pakistani rupee continued its upward trend for the ninth day, opening at 279 against the US Dollar and closing at 280.24, marking a 0.04 percent appreciation. It also showed strength against various major currencies in the interbank market.

Roshan Digital Accounts (RDAs) recorded $7.195 billion in foreign exchange inflows by December 2023, with $1.538 billion repatriated and $4.442 billion utilized locally. In December, $160 million was received, $7 million repatriated, and $120 million utilized locally, reflecting a growing trend with 651,057 RDAs opened since their launch.