Source: China Economic Network
First, market performance
1. Index overview
2. Important news
1. According to data released by the State Bank of Pakistan (Central Bank) on May 29, in the third quarter of fiscal year 2023 (January-March 2023), Pakistan's online banking transaction volume increased by 4.3% compared to the previous quarter, and the transaction value increased by 11.2%. Internet and mobile banking trading volume was PKR 220 million, up 9.9 per cent from the previous quarter, and the turnover was Rs.10.922 trillion, up 19.1 per cent from the previous quarter. This reflects the growing cooperation between banks and fintech companies, with users having many efficient, convenient and user-friendly digital payment platforms.
2. According to data from the Pakistan Bureau of Statistics, in the first nine months of fiscal year 2023 (July 2022 to March 2023), Pakistan's transportation services exports reached US$599.7 million, an increase of 2.70% year-on-year. Among them, the export value of maritime services was 115.2 million US dollars, a year-on-year increase of 31.50%; Exports of air transport services were US$470.4 million, down 1.82% year-on-year; The export value of land transport services was 9.27 million US dollars, down 17.16% year-on-year.
3. According to data released by the State Bank of Pakistan (Central Bank), in the first 10 months of fiscal 2023 (July 2022 to April 2023), the United States, China and the United Kingdom remained among the top three export destinations in Pakistan, of which exports to China amounted to about US$1.7 billion, down 27.39% year-on-year.
4. Guard, an agricultural research company in Pakistan, used Chinese hybrid pepper varieties in its planting projects in Sindh and Punjab, achieving three times higher yields than indigenous seeds. The peppers will be exported to China. This achievement has injected new vitality into China-Pakistan cooperation in the field of agriculture. In the next farming season, pepper cultivation is expected to expand to 30,000 acres.
5. Pakistan's plastics industry (PVC) is experiencing significant investments to expand production capacity and improve production efficiency, according to Pakistan Today. This has also created opportunities for Pakistan to earn foreign exchange through exports, which are expected to reach $300 million.
6. Inflation as measured by the consumer price index rose to 38% in May, the highest annual increase on record, with an average inflation rate of 29.2% this fiscal year, according to the Pakistan Bureau of Statistics. The main reasons are the skyrocketing cost of food, rent, electricity, gas and transportation.
China Economic Network Data Center
June 5, 2023