F oreign Direct Investment (FDI) in the country during first month of current financial year (2023-24) witnessed about 17.3 percent growth as compared to the investment of the corresponding month of last year.
By the month of July 2023, the FDI reached $87.7 million against the investment of $ 74.8 million in same period of the last year, which was up by 17.3 percent, according to the ‘Monthly Economic Update & Outlook August 2023’, said in the report released by the Ministry of Finance and Revenue on Wednesday.
The FDI received from China during the period under review was recorded at $18.0 million, Hong Kong $16.9 million and FDI received from Netherlands at $12.1 million and Switzerland $10.1 million, it added.
According the report, power sector attracted highest FDI of $45.1 million (51.4 percent of total FDI), Oil & Gas Explorations $ 15.2 million (17.3 percent), and communication $ 8.0 million (9.1 percent).
Meanwhile, the foreign private portfolio investment has registered a net inflow of $ 16.3 million during the month of July. The Foreign Public Portfolio Investment recorded a net inflow of $ 6.0 million.
The total foreign portfolio investment recorded an inflow of $ 22.3 million during July FY2024 as against an outflow of 13.9 million last. Total foreign investment during July FY2024 recorded an inflow of $ 110.0 million as against $ 60.9 million last year.
Exports in Services during July FY2024 increased by 2.3 percent to $ 538 million as against $ 526 million. The imports in services increased by 45.3 percent to $ 811 million as compared to $ 558 million same period last year. The trade deficit in services stood at $ 273 million as against $ 32 million last year.
During the month of July, the Current Account posted a deficit of $809 million for (July FY2024) as against a deficit of $1.3 billion last year, largely reflecting an improvement in trade balance. Exports on fob declined by 4.6 percent during July FY2024 and reached $ 2.1billion ($ 2.2 billion last year). Imports on fob declined by 23.5 percent during July FY2024 and reached $ 4.2 billion ($ 5.5billion last year). Resultantly, the trade deficit (July FY2024) reached $ 2.1 billion as compared to $ 3.3 billion of the last year.
According to the latest available data, in Jul FY2024, FBR tax collection not only grew by 17.5 percent but also surpassed the collection target by Rs.4 billion. Within total tax collection, revenues from domestic taxes grew by 19 percent while from customs duty 9 percent growth has been registered.
During July FY2024, the agriculture credit disbursement recorded at Rs151 billion as compared to Rs 112 billion last year showing increase of 35.1 percent. During July 2023, Urea off-take was recorded at 629 thousand tonnes showing an increase of 36.0 percent while DAP off-take stood at 113 thousand tonnes; increased by 67.7 percent over July 202.