Exports, imports surge in economic outlook report for July

ISLAMABAD: Finance ministry on Monday released an economic outlook report for the month of July 2021, showing an increase in exports, imports, tax collection and production of large-scale manufacturing (LSM), ARY NEWS reported.

According to the report, the remittances from overseas Pakistanis, non-taxable income and foreign investment saw a decline in the month of July 2021.

It highlighted that remittances saw a 2.1 percent decline in July after US$2.7 billion were sent from the overseas Pakistanis. The exports stood at US$2.3 billion with a 19.7 percent increase, along with a 51.7 percent hike in imports to US$5.4 billion.

An imbalance in the imports and exports led to a current account deficit of US$0.8 billion that accounts for 2.8 percent of the GDP.

Direct foreign investment (FDI) witnessed a 30.1 percent decline to stand at US$89.9 million, while portfolio investment saw an improvement to US$1.02 billion.

The economic outlook report stated that the foreign exchange reserves stood at US$27.31 billion with SBP holding US$20.26 billion while commercial banks had US$7.04 billion. The dollar has been sold out at Rs165.21 in interbank, it said.

Sharing the taxation details, the report shared revenue collection saw a 42.5 percent increase in July to Rs414 billion while the non-tax revenues stood at Rs1631 billion, witnessing a 12.3 percent decline.

Funds of Rs133.7 billion were approved under the PSDP as the financial deficit saw an increase upto Rs3403 billion.

Finance division releases economic outlook report as exports, imports surge