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[Hongde Information] Port Congestion! The country's currency plunged and suffered a foreign exchange crisis! Beware of the failure of the company to collect foreign exchange.
Jan 31,2023
According to the Financial Times, Pakistan's economy is at risk of collapse, with rotating power outages and severe foreign exchange shortages making it difficult for businesses to operate, while the authorities are trying to restart the (IMF) bailout of the International Monetary Fund to ease the deepening crisis.
The authorities in Karachi have reduced imports to save depleted foreign exchange,Businesses are also struggling to survive.. The central bank of Pakistan said,Containers full of imported goods are piled up in Pakistani ports, and buyers are unable to obtain the dollars to pay for them.
Shipping companies and foreign industry groups have warned that capital controls imposed to protect dwindling foreign exchange reserves are preventing them from repatriating dollars. Officials say factories such as textile and manufacturing are closing or cutting hours to conserve energy and resources.
on the 19th, the central bank of pakistan said that at the close of the official trading day,The Pakistani rupee fell 10.6 percent against the dollar.
it is reported that,Pakistan's economic crisis has been exacerbated by losses that have already cost more than $30 billion billion.According to Geo News,Pakistan's foreign exchange hit an all-time low of $4.56 billion, meeting only three weeks of imports.This is a cause for concern for Jia, a country that relies heavily on imports. The decrease was due to the repayment of a $1 billion commercial loan to two UAE banks, according to the report.Pakistan's foreign exchange reserves are only enough for three weeks of imports and is in urgent need of external financing.
Pakistan relies heavily on imports to meet its basic food needs, mainly from Ukraine and Russia. The ongoing war has disrupted supply chains, and crop losses from the floods have led the country to face food shortages and sharply higher prices.
According to Pakistani media reports, according to data from the Pakistan Tax Authority, the price of essential goods rose in the week ending January 19, 2023, and the sensitive price indicator (SPI) rose 32% year-on-year.
Due to the impact of the foreign exchange crisis
'Huge 'container congestion at Pakistan port
In an already challenging market environment, container carriers serving Pakistani ports are struggling to cope with a severe foreign exchange crisis.
local industry sources said,Importers are unable to get delivery orders and clear goods in time, creating a serious bottleneck in the port city of Karachi, which includes the nearby port of Qassem.
“Thousands of containers are stuck at the docks, creating supply chain gridlock and a huge backlog."A Karachi ship dai Li said.
Fearing the rapid escalation of the situation, the Pakistan Shipbuilding Management Association (PSAA) issued a notice to the leaders of the State Bank of Pakistan and the State of Cheng, warning the shipping companies represented by them to consider suspending offshore services if immediate action is not taken to ease the crisis. "If international trade stops, Pakistan's economic situation will worsen." The association pointed out.
With pressure mounting on the industry, the Pakistani government has promised temporary relief for importers who come to clear the backlog of containers."The Zheng government has decided to waive demurrage fees (demurrage fees and demurrage fees), which will now be borne by the Guojia Finance.A spokesman for Pakistan's maritime ministry said in the port of Karachi.
“Some 20000 containers are estimated to be stranded at the port."deputy zhu xi Khurram of the federation of chambers of commerce and industry of pakistan, said ijaz.
Industry sources say the crisis has the potential to lead to the bankruptcy of many trading companies. The trade association welcomed the exemption proposal, but said cargo interests would need official notification from the port to begin clearing the clogged cargo.
Pakistan has experienced serious economic setbacks in recent years, but is now at a critical juncture. According to local reports, the national dollar reserve has fallen below 4.5 billion U.S. dollars, an eight-year low of zui. The economic collapse was rooted in a combination of political instability, natural disasters, soaring inflation, high energy prices and external debt service obligations.
The crisis is closely linked to the political, economic turmoil that neighboring Sri Lanka has recently had to deal with, including the shutdown of the Colombo port due to a meeting of dockworkers and other chaos.
At the same time, Hapag-Lloyd Hapg-Lloitt released a trade information that its Indian Ocean service (IO3) between India and Europe will transfer its call in Pakistan from Port Qassim to Port Karachi from February 5.
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