TC May-Jun 2021 Issue

TRADE CHRONICLE
Salient feature of Pakistan
Economic Survey FY21
Key Highlights
Provisional GDP growth rate clocks
in at 3.94% for FY21. GDP growth for
FY20 was revised down to -0.47% from
-0.38% earlier.
GDP at current market prices stood at
PKR 47.7trn for FY21 (14.8% YoY).
Key growth sectors: Services 4.43%,
Industrial 3.57% and Agriculture 2.77%.
Growth of important crops: wheat
(8.1%), rice (13.6%), and maize
(7.38%).
Sugarcane recorded the secondhighest
ever production at 22%.
Other crops such as livestock and
forestry grew 1.41%, 3.1% and 1.4%,
respectively.
Cotton witnessed negative growth of
22.8% resulting in 15.6% decline in
cotton ginning.
Industrial sector’s growth was primarily
driven by unprecedented growth of
9.29% in LSM.
Service’s sector growth was mainly on
the back of wholesale and retail trade
Contuined from page # 9
unity and sovereignty of states, noninterference
in their internal affairs, and
the endeavour to resolve disputes by
peaceful means.
His Royal Highness, the Crown Prince,
welcomed the recent understanding
reached between the military authorities
of Pakistan and India regarding
ceasefire at the Line of Control (LoC),
which is based on a 2003 understanding
between Pakistan and India. The two
sides emphasized the importance of
dialogue between Pakistan and India to
resolve the outstanding issues between
the two countries, especially Jammu
and Kashmir dispute, to ensure peace
and stability in the region.
The Prime Minister congratulated the
government of the Kingdom of Saudi
Arabia for successfully organizing and
holding the G20 summit meetings and
the positive decisions that resulted
from it in economic, developmental,
environmental, health, energy and
segment
(8.37%) and
finance and
insurance
s e c t o r
(7.84%).
Pakistan’s
total public
debt stood
at PKR 38trn
as at end of
Mar’21. The
domestic debt
amounted to
PKR 25.6trn
(up 13.8%
YoY) while the
foreign public debt was PKR 12.5trn.
Average National Consumer Price
Index (CPI) clocked in at 8.83% (as per
11MFY21 PBS data).
Pakistan’s fiscal deficit arrived at PKR
1.65trn in 9MFY21 (3.6% of GDP)
compared to PKR 1.69trn in 9MFY20
(3.8% of GDP).
Remittances have clocked in at USD
26.7bn as per 11MFY21 SBP data, up
29% YoY.
Foreign Direct Investment (FDI) clocked
in at USD 1,553mn during 10MFY21,
down 32% YoY.
other fields.
The Prime Minister appreciated the
efforts of the Kingdom and its leadership
in serving the Two Holy Mosques,
their pilgrims, Umrah performers and
visitors, especially in organizing the
Hajj season for the past year 1441 AH,
despite the challenges posed by the
Corona pandemic.
In order to further strengthen and
diversify bilateral relations, the
following agreements and Memoranda
of Understanding were signed;
Agreement on Establishment of Saudi-
Pakistan Supreme Coordination
Council (SPSCC);
MoU in Combating Illicit Traffic in
Narcotics, Drugs, Psychotropic
Substances and Presursor Chemicals;
Framework MoU between SFD
and Islamic Republic of Pakistan
Pakistan recorded a Current Account
surplus of USD 773mn in 10MFY21
against a deficit of USD 4,657mn
recorded in the SPLY. During 10MFY21
total imports recorded an increase
of 8% YoY to USD 48,625mn while
exports have clocked in at USD 25,889
mn posting a jump of 6% YoY.
Trade deficit recorded a deficit of USD
22,736mn compared with a deficit of
USD 20,599mn in 10MFY21, marking a
jump of 11%.
The per capita income for FY21 in PKR
terms stood at PKR 246,414 (+14.6%
YoY) while in USD terms it was USD
1,543 (+13.4% YoY).
for financing projects in Energy,
Hydropower Generation, Infrastructure,
Transport & Communication and Water
Resource Development;
Cooperation Agreement in the Field of
Combating Crimes; and Agreement on
Transfer of Convicted Prisoners.
The Prime Minister expressed gratitude
and offered his best wishes to His
Majesty King Salman bin Abdulaziz
Al Saud, Custodian of the Two Holy
Mosques, His Royal Highness Crown
Prince Muhammad bin Salman bin
Abdulaziz Al Saud, Deputy Prime
Minister and Minister of Defence, and
the brotherly people of the Kingdom of
Saudi Arabia. His Royal Highness the
Crown Prince warmly reciprocated with
best wishes for health and wellbeing
of the Prime Minister, and prayers
for the progress and prosperity of the
brotherly people of the Islamic Republic
of Pakistan.
TRADE CHRONICLE - May - Jun - 2021 - Page # 16