Tag: goods
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Pakistan’s current account deficit decreases by 68% due to marginal increase in exports
According to statistics provided by the State Bank of Pakistan (SBP) on Monday, the current account deficit decreased 68.13 per cent year over year to $0.57 billion in October. In comparison to September, when it stood at $0.36 billion, the deficit jumped by 56.2 per cent, reaching its highest level since April 2021. According to…
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Govt imposes 100% penalty surcharge to release banned imported items
The federal government has approved the release of imported goods with a penalty surcharge of 100 per cent of assessed value that arrived at the ports after June 30. The federal government has reportedly permitted the release of all imported products and imposed fines of up to 100 per cent on goods that had arrived…
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Pakistan Customs seizes a massive amount of methamphetamine and illegal goods
Pakistan customs department has seized illegal goods worth approximately Rs60 million in separate incidents over the past week, indicating that the campaign against the smuggling of contraband goods into and out of Pakistan is in full swing. The Exports Collectorate prevented an attempt to smuggle a sizable amount of drugs into Australia. The Exports Examination-PICT…
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Inflation in France hits record-high since 1990s
Preliminary EU-harmonised statistics indicated that inflation in France surged more than projected in May to a new high, putting additional pressure on President Emmanuel Macron before upcoming legislative elections. Consumer prices rose 0.7 per cent in May, for a 12-month inflation rate of 5.8 per cent, up from 5.4 per cent in the last month…
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Pakistani startup Airlift lays off 31 per cent of workforce: Is the job market collapsing?
Airlift Technologies, a national grocery delivery service, has laid off 31 per cent of its workforce. The company posted a statement on its official LinkedIn account confirming the layoff of its workforce; “In the light of the significant downturn in global capital markets, Airlift is undertaking a strategic realignment to reduce the surface area of operations…
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Weekly inflation based on SPI, records a slight decline
Pakistan Bureau of Statistics (PBS) revealed that the weekly Sensitive Price Indicator (SPI) for the joint consumption group fell 0.26 per cent for the week ending May 26, owing primarily to a drop in the prices of vital food products. The consolidated index was 174.62 on May 19, 2022, compared to 175.08 on May 19,…
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Pakistan Customs intensifies inspection at all international airports
Pakistan Customs has intensified goods inspection at all international airports to prohibit the smuggling of recently banned commodities. The federal government prohibited the items in SRO No. 598(I)/2022, issued May 19, 2022, by revising the Import Policy Order, 2022. This 24-hour monitoring at international terminals to prevent smuggling has already resulted in multiple confiscation of…
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State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting
Following an emergency meeting, the State Bank of Pakistan (SBP) raised interest rates by 250 basis points, as mounting political uncertainty and rising worldwide oil prices threaten to drive the country into a full-fledged economic catastrophe. The key rate is now 12.25 per cent, as per the latest statement released by the central bank on Thursday.…
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Pakistan’s exports grew 25% in the last nine months
Pakistan’s exports increased by 17.3 per cent in March 2021 to $2.773 billion, up from $2.365 billion in March 2021 and 25 per cent in the last nine months. The Prime Minister’s Adviser on Commerce and Investment, Abdul Razak Dawood, said that exports increased by 25 per cent to $23.332 billion in the July-March fiscal…