Exports and Investments are up: Top 3 economy updates

  • In this post, we’re going to take a look at the top 5 positive economic stories of Pakistan from Dec 26th, 2020.
  • The country’s foreign exchange reserves have increased by 1.426 billion during the current financial year.
  • According to the Pakistan Bureau of Statistics, the export of 458,104 metric tons of rice during November 2020 has earned 231.238 million in foreign exchange.
  •  Foreign direct investment (FDI) in the financial sector of the country has increased by 163.91 per cent in the first four months of the current financial year.

Top 3 positive economic news updates of Pakistan [26 Dec 2020]

#1 Country’s foreign exchange reserves increased by  1.426 billion

The country’s foreign exchange reserves have increased by 1.426 billion during the current financial year. According to the data available with the SBP, at the end of June 2020, the country’s foreign exchange reserves stood at 18.886 billion, of which the SBP had 12.13 billion in foreign exchange reserves and  6.754 billion in foreign exchange reserves with banks.

On December 18, 2020, the volume of foreign exchange reserves was recorded at 20.313 billion, of which SBP had  13.21 billion in foreign exchange reserves and banks had  7.096 billion in foreign exchange reserves. At the end of 2018-19, the country’s foreign exchange reserves were recorded at  14.481 billion, reaching  20.313 billion in December 2020.

#2 exports increased by 14.44% during November 2020

Rice exports have increased by 14.44 percent during November 2020. According to the Pakistan Bureau of Statistics, the export of 458,104 metric tons of rice during November 2020 has earned 231.238 million in foreign exchange, while the volume of national rice exports during November 2019 was 452,010 metric tons. The value of which was recorded at 202.065 million tons.

According to PBS, basmati rice exports increased by 36.06 percent to 76.583 million during the period, compared to 56.228 million in November 2019. Similarly, during November 2020, the volume of miscellaneous rice exports also increased to  154.656 million while during November 2019, miscellaneous rice exports earned  145.777 million.

In the first five months of the current financial year, the total exports of rice decreased by 12.58 percent as compared to the previous financial year and during July-November 2020, the volume of exports decreased to 1.34 million 770 metric tons. During November 2019, 1.628 million 295 metric tons of rice were exported.

According to the report, during the Kharif season 2020.21, rice production increased by 11.43% to 8.18 million tons. Rice was cultivated on an area of ​​3.3 million hectares in the kharif season. In addition, rice production in Punjab has increased by 20.27% during Kharif season 2020.21, while in Baluchistan it has increased by 2% and in Khyber Pakhtunkhwa it has increased by 0.77%.

#3 Foreign direct investment in the financial business sector increased by 163.91%

Foreign direct investment (FDI) in the financial sector of the country has increased by 163.91 per cent in the first four months of the current financial year as compared to the same period of the previous financial year.

According to the data released in this regard, the foreign direct investment in the financial business sector recorded from July to October 2020 was118.5 million, which is 163.91 percent more than the same period of the previous financial year, before the previous financial year In four months, the country’s foreign direct investment in the financial business sector was recorded at 44.9 million.

According to the statistics, the volume of foreign direct investment in the financial business sector in the country was recorded at 16 million in October 2020. According to the Board of Investment In the first four months of this year, the volume of foreign direct investment in the country was recorded at 733.1 million.

In the financial year 2019-20, the volume of foreign direct investment in the country was recorded at 2.561 billion. In the last financial year, China emerged as the largest foreign direct investing country in Pakistan. The volume of foreign direct investment was recorded at 844.1 million. In the current financial year, China has so far invested 333 million in Pakistan.

Also checkout : Top 5 Positive News Updates Of Pakistan [24 Dec 2020]

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