Association of Builders and Developers of Pakistan (ABAD) chairman Asif Sumsum has announced to move the court against “heavy and unreasonable” taxes imposed on the construction industry and real estate in the federal budget 2024-25, terming it “very destructive” for the sector. In a statement, he said that after this budget, it has not only become difficult but impossible for the common man to
Domestic cement sales fell 4.6 per cent to 38.18 million tonnes in outgoing FY24, from 40.01m tonnes in FY23, due to a slowdown in construction activities. However, export despatches increased massively by 56pc to 7.11m tonnes in FY24 from 4.56m tonnes in FY23. As a result, overall cement despatches witnessed a meagre rise of 1.60pc to 45.291m tonnes compared to 44.58m in the preceding fisca
The State Bank of Pakistan (SBP) has advised all banks to facilitate the export of sugar but to ensure proceeds are received before shipments are exported. In a circular on Tuesday, the central bank said the Economic Coordination Committee (ECC) of the Cabinet has allowed the export of 150,000 tonnes of sugar with specific terms and conditions. The decision was taken just two days before the 20
Pakistan’s merchandise exports rose 10.54 per cent to $30.64 billion in 2023-24 from $27.72bn in the preceding year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. Exports increased steadily from July 2023 until they turned negative in January. This negative trend persisted until April. After a temporary setback, growth regained momentum in May and continued i
The country is confronting its highest-ever inflation, but the Ministry of Commerce said on Tuesday that raw food exports increased by 37 per cent in FY24 over the preceding fiscal year. The value of raw food exports reached $8 billion in 2023-24, up from $5.8bn over the corresponding period last year, according to the data compiled by the Trade Development Authority of Pakistan (TDAP). As