- Current estimates of losses to the cotton crop due to floods are 3.5 million bales, accounting for 36 percent of the expected yield this year.
- High officials of the World Bank and Sindh irrigation department launched a Rs 34 billion project for the restoration of the 90-year-old Sukkur Barrage on Wednesday.
- Service trade deficit jumped 46 percent to $ 361 million in August compared to July, as imports grew at a faster pace than exports.?
- US Defence Secretary Lloyd J. Austin said that his talks with Pakistan Army Chief Gen Qamar Javed Bajwa focused on the long-standing partnership between the two defence establishments and on areas of mutual interest.
- Wall Street fell on Wednesday as a two-day rally in US stocks was cut short by rising Treasury yields after data showed firm demand in the labour market despite rising interest rates.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Vegetable Prices: The retail price of high-demand vegetables — tomato and onion — surprisingly surged in the open market, annoying the public at large that, perhaps, is passing through the worst financial stress due to skyrocketing prices of fruits, vegetables, grocery items, commodities etc. [Dawn]
- Poultry/Dairy Products: The Ministry of National Food Security has warned the Federal Board of Revenue (FBR) that the heavy taxation including sales tax on the import of chicken and ingredients of poultry/ animal feed would exclude Pakistani products from the international markets. [BR]
- Sugar Demand: The Pakistan Sugar Mills Association (PSMA) has reiterated its demand that the government should immediately allow export of surplus sugar as according to the figures released by the Ministry of Food Security hinted that sugar stocks at the start of next crushing season would stand at around 1,736,017 metric tonnes. [BR]
- Cotton Bales Import: Pakistan Businesses Forum (PBF) said the country imported 3 million cotton bales last year and needs to import at least 5 million bales during the current fiscal year due to damage to the crop by recent floods. Current estimates of losses to the cotton crop due to floods are 3.5 million bales, accounting for 36 percent of the expected yield this year. [BR]
- Textile Mills: All Pakistan Textile Mills Association (APTMA) has decided to shut down textile mills across the country on Wednesday.? “The textile mills of the country will also be shut down from Saturday. 1,600 textile mills have already been closed down,” the APTMA said. [BR]
AGRI-INPUTS, WEATHER, WATER & POWER
- Post Flood: In the monsoon flood hit areas where the water level has receded rehabilitation efforts are underway; with a particular focus on providing shelter to those currently living in tent settlements. However, little has been said about the thousands of schools that were ravaged and the millions of children who will now be deprived of an education. As allegations of political meddling in data pertaining to relief and rehabilitation efforts have started flowing in, the exercise has been handed over to local bureaucracy but flood affectees feel that in this governmental back and forth they are being deprived of assistance. [ET] [ET] [ET] [ET] [ET]
- Modernisation of Sukkur Barrage: High officials of World Bank and Sindh irrigation department launched a Rs 34 billion project for the restoration and modernisation of the 90-year-old Sukkur Barrage on Wednesday. [Dawn] [ET]
AGRI UPDATES & PAKISTAN POLICY
- Backlog of Containers: The Public Accounts Committee (PAC) was on Wednesday told that the Karachi Port Trust (KPT) had withheld more than 5,000 containers for the past six months. [Dawn]
- ADB Promises $ 2.5 Billion for Flood Relief: The Asian Development Bank (ADB) on Wednesday promised $ 2.5 billion to Pakistan to help support flood relief activities. [Dawn] [ET]
- Trade Deficit: Service trade deficit jumped 46 percent to $ 361 million in August compared to July, official data showed on Wednesday, as imports grew at a faster pace than exports. [Dawn]
- Reko Diq Deal: President Dr Arif Alvi, on the advice of Prime Minister Shehbaz Sharif, has accorded approval to the summary for filing reference to the Supreme Court to get validation for the new Reko Diq project deal under Article 186 of the Constitution. [ET]
- Pak-US Defence Partnership: US Defence Secretary Lloyd J. Austin said on Wednesday that his talks with visiting Pakistan Army Chief Gen Qamar Javed Bajwa focused on the long-standing partnership between the two defence establishments and on areas of mutual interest. [Dawn] [MM News]
- K-P Food Department Digitised: Khyber-Pakhtunkhwa (K-P) Minister for Food, Science Technology, Information Technology and Sports and Youth Affairs Atif Khan on Wednesday formally inaugurated digitization of the provincial food department. [ET]
- Dar Briefs ADB on Estimates: Finance Minister Ishaq Dar has informed a delegation of the Asian Development Bank (ADB) Wednesday about the devastation caused by floods in Pakistan and its impact on the country’s economy. [BR]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Oil Production: OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. [BR] [Dawn] [ET] [Reuters] [Al Jazeera]
- Wall St Slides as Rising Treasury Yields: Wall Street fell on Wednesday as a two-day rally in US stocks was cut short by rising Treasury yields after data showed firm demand in the labor market despite rising interest rates. [BR] [BR]
- Thai Rice Export: Thailand’s rice exports could reach 8 million tonnes this year as flooding caused by Typhoon Noru has had little impact and a weak baht has helped overseas sales, the president of the Thai Rice Exporters Association said on Wednesday. [BR]
