Latest news with #PakistanBureauOfStatistics
Arab News
4 days ago
- Business
- Arab News
Pakistan releases agricultural census after 14 years, showing increase in livestock, cultivated areas
ISLAMABAD: Pakistan's Planning Minister Ahsan Iqbal launched the findings of the 7th Agricultural Census 2024 on Wednesday, showing a marked increase in the country's population of livestock, agriculture farm households and cultivated area, state media reported. Pakistan conducts its agricultural census every 10 years, with authorities conducting the last one in 2010. The main purpose of the census is to provide information about the agrarian structure of the country for baseline data for food security and better livelihood of the population, and to share estimates for the population of livestock. As per the findings of the census launched by Iqbal, Pakistan's agriculture farm households have risen to 11.7 million households in 2024 from 8.3 million in 2010. 'As per the 7th Agricultural Census 2024 data, livestock increased to 251.3 million in 2024 from 143 million in 2006 with the growth of 3.18 percent per annum,' state broadcaster Radio Pakistan reported. The broadcaster said Pakistan's cultivated area increased from 42.6 million acres in 2010 to 52.8 million acres in 2024, adding that 79 percent of the cultivated area in the country is irrigated by canals and tube wells. Speaking at the launching ceremony, Iqbal said agriculture remains the backbone of Pakistan's economy, noting that it contributes significantly to the country's GDP, exports and employment. 'He commended the Pakistan Bureau of Statistics for introducing innovation, transparency, and precision in data collection, which is vital in planning for the country's economic growth and prosperity,' Radio Pakistan said. Agriculture constitutes the largest sector of Pakistan's economy, as per the Pakistan Bureau of Statistics (PBS), with the majority of the country's population, directly or indirectly, depending on it. As per the PBS, agriculture contributes about 24 percent to the GDP and accounts for half of Pakistan's employed labor force. It is also the largest source of foreign exchange earnings.
Yahoo
4 days ago
- Business
- Yahoo
Pakistan Strikes U.S. Oil Pact as Trump Jabs at India
The United States and Pakistan have finalized a trade and energy pact that could reshape both nations' approach to energy cooperation and strategic alignment. Announced on Wednesday by President Donald Trump, the agreement includes U.S. participation in developing Pakistan's oil reserves and a substantial reduction in tariffs on Pakistani exports to the U.S. The new deal lowers the U.S. tariff rate on Pakistani goods from 29% to 19%, offering critical relief to one of the world's largest textile exporters. According to the Pakistan Bureau of Statistics, Pakistan posted a $3 billion trade surplus with the United States in 2024, with more than 80% of its exports to the U.S. consisting of textiles and garments. Washington is Pakistan's largest export market, accounting for over 17% of the country's total exports. 'We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves,' Trump wrote on Truth Social. 'We are in the process of choosing the Oil Company that will lead this partnership. Who knows, maybe they'll be selling Oil to India someday!'Pakistan's deputy prime minister Ishaq Dar confirmed the deal on X, but offered no further details. The agreement is being framed in Islamabad as part of a broader economic reset, aimed at deepening bilateral ties and addressing Pakistan's chronic energy vulnerabilities. Pakistan imports more than 85% of its crude oil, according to the State Bank of Pakistan, and crude remains its single largest import category. In the fiscal year ending June 2025, the country spent $11.3 billion on crude oil imports, nearly one-fifth of its total import bill. That level of dependency has left the economy exposed to global price shocks and dollar liquidity crises. Trump's reference to 'massive' reserves may be more political than geological. A 2015 study by the U.S. Energy Information Administration estimated Pakistan had 9.1 billion barrels of technically recoverable shale oil. But more recent estimates of conventional proven oil reserves range between 234 million and 353 million barrels, placing Pakistan in the lower half of global rankings. Daily production of crude and condensate averages just 60,000 barrels, well behind regional peers such as India, which produces more than 1 million barrels per day. Nevertheless, the government views American involvement as a breakthrough. In a statement following Trump's announcement, Pakistan's finance ministry said, 'This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors.' The capital investment required to tap Pakistan's reserves is substantial. In a public briefing last year, Energy Minister Mohammad Ali stated that Pakistan would need between $25 billion and $30 billion over the next decade to develop even 10% of its estimated 235 trillion cubic feet (TCF) in gas reserves, enough, he said, to stem production declines and reduce reliance on imported LNG. No U.S. company has yet publicly confirmed interest in taking the lead. Foreign participation in Pakistan's oil and gas sector has remained tepid in recent years. A 2023 auction of 18 onshore and offshore exploration blocks failed to attract significant international bidders. In June 2023, Shell Plc (NYSE:SHEL) announced its exit from the country, selling its downstream assets to Saudi Aramco in a move that reflected growing risk aversion. Security remains a major concern. Several energy and infrastructure projects under the China-Pakistan Economic Corridor (CPEC) were suspended in 2024 following terrorist attacks on project sites in Balochistan and Khyber Pakhtunkhwa. While CPEC has delivered over $25 billion in investment and added 6,000 megawatts to the national grid, it has also driven up Pakistan's external debt, which now stands at $100 billion, according to the Ministry of Finance. Roughly one-third of that debt is owed to China. The World Bank estimates that nearly half of Pakistan's 250 million people live below the poverty line. Inflation, especially in food prices, has remained stubbornly high, with domestic purchasing power steadily eroding over the past two years. Beyond the U.S. deal, Pakistan has been actively courting other partners. In April 2025, it signed a memorandum of understanding with Turkey to explore offshore oil and gas in Pakistani waters. The country is also expanding domestic exploration. In July, state-owned Oil and Gas Development Company Limited (OGDCL) and Pakistan Oilfields Limited (POL) announced successful testing at the Makori Deep-03 development well in the Tal Block, yielding 22.08 million standard cubic feet per day (MMSCFD) of gas and 2,112 barrels of condensate. Production is slated to begin by September, offering a rare short-term boost to domestic output. The terms of Washington's prospective involvement, whether through direct financing, technology transfer, or private sector participation, have yet to be finalized. But Islamabad is positioning the agreement as a move away from overreliance on Chinese capital and toward a more balanced foreign investment strategy. Pakistani officials likewise have yet to confirm whether the agreement includes upstream investment, technical assistance, or equity participation by U.S. firms. No American company has publicly expressed interest, and Islamabad has not announced a bidding process or operator selection timeline. At this stage, the deal appears to be a political signal rather than a commercial commitment. Notably, Trump's public statement that this could lead to Pakistan exporting oil to India one day is likely intended as another warning to New Delhi over its Russian crude imports. Trump has previously used energy cooperation as a geopolitical lever, applying pressure on countries that maintain oil ties with Russia and Iran. India, which has steadily increased its imports of discounted Russian crude since 2022, has already faced tariff threats from Washington. By positioning Pakistan as a potential beneficiary of U.S. energy support, while hinting at regional exports, the administration may be testing New Delhi's diplomatic posture or signaling dissatisfaction with its current alignment. By Alex Kimani for More Top Reads From this article on
Arab News
31-05-2025
- Business
- Arab News
Pakistan weekly inflation down by 0.81% as prices of essential items remain largely stable
ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), lowered by 0.81% in Pakistan, the country's statistics bureau said this week, as prices of most essential items remained stable. The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at a shorter interval of time to review the price situation in the country. While the SPI for the week ending on May 29 decreased 0.81% on a week-on-week basis, it recorded an increase of 0.41% when compared to the same week last year, according to the Pakistan Bureau of Statistics (PBS). 'During the week, out of 51 items, prices of 14 (27.45%) items increased, 10 (19.61%) items decreased and 27 (52.94%) items remained stable,' the PBS said. A decrease was observed in the prices of electricity charges for Q1 (10.10%), chicken (8.51%), LPG (2.67%), sugar (0.25%), powdered milk (0.20%), vegetable ghee 2.5Kg (0.17%), wheat flour (0.09%), rice (0.07%), garlic (0.05%) and pulse moong (0.01%). The items whose prices increased during the week included tomatoes (4.54%), potatoes (2.94%), eggs (2.19%), onions (2.17%), gur (0.77%), bananas (0.73%), mustard oil (0.34%), pulse mash (0.22%), pulse gram (0.17%), pulse masoor (0.14%) and basmati rice (0.12%). Pakistan's annual inflation rate fell to 0.3% in April, well below the Ministry of Finance estimate of 1.5% to 2%. The central bank forecasts average inflation to be in the range of 5.5% to 7.5% for the fiscal year ending June. Also, the Pakistan Stock Exchange (PSX) recorded a 7.5% gain in May on a month-on-month basis, according to the Karachi-based Topline Securities. 'This gain can be attributed to cut in policy rate by 100bps by SBP,' it said in its monthly review, citing improvement in inflation outlook and approval of first review of Pakistan's $7 billion International Monetary Fund (IMF) program as well as the approval of another $1.4 billion under the IMF's Resilience and Sustainability Facility. 'Average daily traded volume and value during the month stood at 566 million shares and PKR28 billion.'
