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      “ELECTION INTERFERENCE, KANGAROO COURT!” Trump says on indictment charges

      US court rules against Trump’s birthright citizenship order

      Gaza death toll, 3000 children among 7028 casulties

      Gaza civil defence says 52 killed by Israeli forces

      Pakistan hopes to secure eighth term in UNSC

      Pakistan warns against Indian weaponisation of water at UN

      Israeli forces killed 50 rushing to humanitarian aid trucks, says Gaza medic

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      Pakistan condoles martyrdom of 12 Turkish soldiers in methane gas poison

      Pakistan urges UNSC to stop Israeli aggression against Iran

      Terrorism inflating from Afghanistan serious threat to neighbours, Pakistan warns UN

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      24 dead in Texas flash flooding, two dozen campers missing

      Hamas releases two women hostages after Egyptian-Qatari diplomacy

      Hamas agree to respond ceasefire proposal in ‘a positive spirit’

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      Hamas seeks ceasefire guarantees as Israel intensifies attacks in Gaza

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      Pakistan, Russia vows to expand trade, economic ties

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      Pakistan receives $2.3 billion from China

      Remittances surge over 26% to record $38.3bn in FY25

      Hancock urges Johnson to back Sunak to lead the country

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      Azerbaijan’s President arrives Islamabad on PM Shehbaz’s invitation

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      Govt lifts import ban on non-luxury items under IMF condition, Miftah

      Pakistan notifies duty cuts on imported luxury items

      Karachi: FBR seals over 30 shops for tax, PoS violations

      PM applauds FBR for collecting record tax revenue

      NEPRA notifies increase in power tariff for Karachiites

      NEPRA approves Rs1.15/unit cut in domestic electricity tariff

      Govt plans separate tax policy cell

      Rs3.5 trln tax collected from Karachi in FY24-25

      Petrol prices likely to increase up to Rs13 per litre

      Petrol prices likely to increase in Pakistan

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      The Odyssey trailer sparks online backlash

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      Netflix star Kylie Page’s cause of death at 28 revealed

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      Imports drop by 20.15% in July-November

      Imports drop by 20.15% in July-November

      Web Desk by Web Desk
      in BUSINESS, FINANCE
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      The country’s trade deficit in the first five months of ongoing fiscal year 2022-23 fell by 30.14% to $14.4 billion due to a drop in non-essential imports. 

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      According to the monthly trade bulletin of the Pakistan Bureau of Statistics (PBS), the imports in July-November dropped by 20.15% to $26.34 billion from $32.98 billion in the same period last year.

      However, exports were also reduced by 3.5% in the same period to $11.93 billion against $12.36 billion in the same period last year, the PBS said Thursday.

      Compared to November 2021, Pakistan imported 33.6% fewer goods and sold 18.3% fewer products abroad in November 2022. In November 2022, exports dropped by 18.34% to $2.37 billion from $2.9 billion in the same month in 2021, while imports dropped 33.6% to $5.245 billion from $7.9 billion in November 2021.

      The trade deficit was narrowed by 42.46% to $2.88 billion from $4.99 billion in the same month last year.

      A downward trend has been witnessed in the import bill since the beginning of the current fiscal year as imports fell by 10.4% in July, 7.7% in August, 19.7% in September, 27.2% in October and 33.6% in November over their respective corresponding months of 2021, PBS trade bulletin revealed.

      Comparing monthly trade performance with the previous month (October), goods exports in November 2022 fell 0.63% from $2.38 billion last month, while imports increased 11.34% compared to October’s $4.7 billion.

      Experts predict the export bill might not touch the $29 billion threshold in 2022-23. The average monthly exports in the first five months of the fiscal year are $2.386 billion. The export growth has been affected by local constraints and the slowdown of world economies. Economic policies such as costly bank financing, rupee devaluation, and expensive input costs alongside political instability have played a significant role in the export drop.

      It is pertinent to mention that in the last fiscal 2021-22, the economy accumulated a record-high trade deficit of $48.38 billion, registering over a 31% upsurge over the fiscal year 2020-21.

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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