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Price Hike In Ramadan; Causes and Solution

Zia Saqib — Wed, 25 Aug 2010 12:36:42 +0000

As soon as the holly month of Ramadan was commenced so the prices of the commodities began to increase. People have hobson’s choice to purchase things on the price, they are forced to pay. The shopkeepers set the price-rate according to their own will and often they sell the products defying the price imprinted on the article. Because of hoarding and black marketing, an artificial shortage of commodities is created by the market players which causes price hike as a result.
The essence of writing throws light on main causes of price hike in the holy month of Ramadan and it shares the possible solutions of this crumbling front. It will also explain the current situation of market with some illustrations while taking into consideration the public response to the market forces. Finally it will discuss the measures adopted by government and their corollary.
Hoarding and black marketing are the core reasons of price-hike. Traders extract unlawful and unethical benefits by selling commodities on a price higher than the original one. For this end, they start hoarding in the earlier months of Ramadan. They create artificial shortage of some products in the market by storing these products at cheaper rates. All the hoards are solely purchased by them and later on they sell it according to their own rates. As a corollary people are victimized by over charging and extra profiteering. That particular commodity cannot be acquired from anywhere else in the market, so people can do nothing but to purchase it on offered prices.
Hegemonic monopoly in fruit market counts much in price hike during Ramadan. The main traders get unite to make a consensus for maximum price rate on fruit products. As the use of fruits is inevitable to restore energy in Ramadan, so people are exploited for fulfilling their dire need. If government tries to cope with the situation the traders go on a strike and as a result, people face fruit shortage.
Most of the markets do not have retail price list mechanism. The shop-keepers are free to do well with their personal stakes. The proportion between demand and supply of grain, sugar, chilliy and other products is disturbed and it seems that they are a law unto themselves.
During the first week of Ramadan, markets have represented very deplorable condition in many cities. Sugar is being sold at 80 rupees per kg while it has been 68/-to 70/-rupees per kg before the beginning of Ramadan and oil is being sold at 125 rupees per kg while it was 115/-rupees per kg. Prices of banana, apple, mango and grapes have increased with the ratio of Rs 20, Rs 30, Rs 15 and 50 per kg respectively.
Poor check and balance by the government personnel on market system, is also another considerable cause of price-hike. Most of the markets lack price lists. Somehow if it is issued, it is not implemented fully. A chronic disease of sleaze in government institute also paves a smooth way for such deteriorated situation. Loose administration, poor policies and loopholes of check and balance system are key reasons of price hike at the behest of government.
The only panacea to solve the problem is the formation of renewed market control system. Efficient struggle of government personals can contribute well to confront the manipulated price-hike. Sudden and prompt visits of high profile ministry and bureaucracy can also be helpful to keep the things right. Market control inspectors should frequently examine each and every shop in their jurisdiction. There is a dire need to accelerate price control magistrate also, so that their presence and control may give relief to people. They should not only control the price-hike but also make it sure that all the commodities are being kept available in the market perpetually.

Exports of Pakistan

Adnan Khan — Sat, 07 Aug 2010 04:38:03 +0000

Major Exports of Pakistan: To earn profit-whether logically or intangibly, is the core objective of each and every entity despite the fact that it is a profit seeking or a non-profit organization. From a sole-proprietor to a multinational firm and from a small private business to a whole government business, every one wants to sale more than purchase. Other a loss to be battled will be there which if persists, can invoke the same business into a vicious circle of poverty. Pakistan, the 6th most populated country with a 34th position among the biggest economics of the world, is a fertile land of pures. Pakistan, basically is an agrarian society supported to some extent by the industrial one. Pakistan has a good business deals with its partner, but unlocking it imports more than the exports. Exports, moreover, are mostly composed of raw materials instead of manufactured or finished goods.
Pakistan exports lots of different items to a dozen of countries. Following is the list of exports items.
1.   Rice
2.   Cotton
3.   Household furnishings and furniture.
4.   Cotton cloths
5.   Fabrics and Carpets and Rugs
6.   Textile apparel and household furnishings
7.   Sport goods
8.   Camping apparel
9.   Footwear and gears
10.   Toys
11.   Bicycles
12.   Fans
13.   Cook wares
14.   House and garden wares
15.   Leather bags
16.   Chemical
17.   Dates, mangoes, oranges and vegetables
18.   Cement
The major export earning comes from textiles. The share of a few items is composing more than 90% of the total export earning. The country is, still lacking abilities to expand its exports in other section due to which it has to suffered shifts in world demand. Pakistan’s exports increased more than 120% from $7.5 billion to stand at $ 18.3 billions in the span of time elapsed between 1998 and 2008. Total exports, however, feel from $ 21.09 billion in 2008 to $ 17.87 billion in 2009. The total imports also reduced form $ 38.19 to 28.31 billion in the same year. Due to increasing current account defeat, the trade gap range of maximum tariffs was raised from 25% to 25% to the 30% to 35% on 300 luxury items by Pakistan government in 2008-08 budget.
Pakistan exports different items to USA, Japan, China, Afghanistan, Italy and India mainly. The united Arab Emirates is an other partner making the use of Pakistan products. Pakistan export rice and cotton coupled with toys and sports items to many of European and African countries also Pakistani footballs and fringe sport products were satisfying more than 90% of the world till 2004. Because of advanced technology in the sport manufacturing, the share of Pakistani hand-made balls has fallen to 30% of the world cup needs.
Pakistan international trade is suffering from huge amount of deficit due to low demand for its exports. Domestic political instability backed Pak-Afghan war on terror also accounts for trade deficit. The water scarcity particularly for Agri-use is also another nail in the coffin of Pakistani exports. The textile sector because of low yield of agri-products and energy crisis has been perished since that act of shutting the reserviours of water by India.
The monsoon flood, currentely, has also impacted the agricultural products yield adversely in over the whole of the country. The next year is also seems dark in terms of international trade.

Questions related to this article:
Major exports of Pakistan
Major export products of Pakistan

Pakistan exports lots of different items

Economy of India 2010

Adnan Khan — Sun, 18 Jul 2010 12:08:12 +0000

Economy of India 2010: India is a country, constituting about one-fifth of the total population of this financially crunched global world. India is rich in variety of weather, people and culture–the elements necessary for making progress by leaps and bounds. The second, population wise, biggest country India, have both prose and cons of her human resources, but been utilizing she has been utilizing the available manpower efficiently since the very inception of 1990s by letting herself to be an open market economy. The growth rate of India economy was averaged 7% between 1990 and 1997. Despite of India’s attachment was achieved through the open economy strategy, India is continuously going up on the graph of economic growth except the years eclipsed by the global financial crises 2007-08. From 2009, again, economic growth is in an increasing order.
What the Indian economy, would be in 2010, it can be foretold by peeping into the previous year’s performance coupled with the global trends. A number of industrial giants and titanic banks have been swept by the financial crisis of the first decade of the 21st century. Many European and American states are still under the clouds of the great crisis but India has came out of this economic laberinth because of its cautious banking policies. The diversity in the ingredients of economy also helped to shatter the crisis up.
The deficit in 2009 was 6.8% GDP, this year it seems to be shrinked because the volume of both exports and imports has been in decreased from 187.9 billion to $ 155.1 billion and $ 315.1 to $ 232.3 billion respectively. On the other hand the reserves of foreign exchange and gold have been increased from $ 254 billion to $ 282 billion in 2009. It will pillow the tired traveler of economy, hopefully, in 2010. India is an agrarian country. The agriculture composed 17.5% of GDP last year, a surge in agri-production is seemed because of the increase subsidies, by the Indian government, for the formers to let him know the new techniques of harvesting.
Industrial sector of India is composed of two folders – modern and huge industries and handicrafts. The successful escape from financial crisis has saved the Indian huge industrial sector. Although the production this year will not be more than that of the proceeding one but the normal profit above the break, would be expected as the crisis has not long lasting impressions on both the industrial and agricultural sectors. The service sector is also safe and sound. The share of services in 2009 was estimated as 62.8% of GDP which is expected to be expanded to be expanded up to 70% of GDP because of a shrinkage in the industrial production. The central bank of India has adopted a strict chain of policies to control the inflationary impact by modifying the fiscal and monetary policies.
The unemployment rate in 2009 and 2008 was 9.5% and 9.1% respectively. It will increase in 2010 by 0.5% because of less volume of manufactures. Unemployment is not only increased in India alone, it is a universal trend which has enveloped the whole of America, Europe and Asian tycoons.
Foreign debt of India increased by $ 3 billion over last years. It is very favourable increase in debt for a country like India, with a huge population and a permanent involvement in warlike activities. The defense budget is slicing a big chunk away from the development section.
India has also proposed a limited privatization of government-owned industries in part to offset the deficit. India’s long term challenges include inadequate physical and social infrastructure, limited employment opportunity and sufficient basic and higher education. In the long run, however, the huge and growing population is the fundamental social, economic and environmental problems. Overall Indian Economy Overview 2010 shows positive trends.

NFC Award: National Finance Commission Award Of Pakistan

Talib Akhtar — Fri, 09 Jul 2010 05:56:14 +0000

National Finance Commission: Article 160 of the constitution of Pakistan says that after every five years the president shall constitute a National Finance Commission. This National Finance Commission will review the formula for the distribution of funds, taxes and other monetary assets among the Center and the Provinces and among the four federating units of Pakistan namely, Punjab, Sindh, Balochistan, Khyber Pakhtunkhawa. Composition Of NFC Award:
1) Minister of Finance of the Federal Government.
2) Ministers of Finance of the Provincial Governments.
3) And such other persons as may be appointed by the President after consultation with the Governors of the Provinces.

Functions of National Finance Commission: Following are the major functions of national finance commission

i. The distribution of funds between the Federation and the Provinces of the net proceeds of the taxes.
ii. The making of grants-in-aid by the Federal Government to the Provincial Governments.
iii. The exercise by the Federal Government and the Provincial Governments of the borrowing powers conferred by the Constitution.
iv. Any other matter relating to finance referred to the Commission by the President.

National Finance Commission Award: The decision of national finance commission is called national finance commission Award. 7th national finance commission Award was passed in 2010

Salient Features of 7th NFC Award 2010
Size of Divisible Pool:
As a consequence size of Divisible Pool enhanced by Rs. 68 billion.
Share of Provinces was approximately Rs.39 billion.
Collection charges decreased from 5.2% to 1%.

2. Vertical Distribution
-Provincial share increased from 48.75% to 56% in the first year.
-The provincial share would increased to 57.5% after the first year.

3. Horizontal Distribution
-Multiple criterion have been set for distribution of share among the Provinces.
1 Population              82%
2 Poverty              10.30%
3 Revenue               5.00%
4 IPD (Inverse Population Density)      2.70%

4. Province Wise Weightages
1. Punjab                 51.74 %
2. Sindh                     24.55 % ,
3. Khayber Pakhtonkhwa   14.62 %
4. Balochistan               9.09 %

5. GST on Services
-Federal Government recognized that the Sales Tax on Services is a Provincial subject. NFC decided that it might be collected by Provinces if so desired
-Provinces will gain Rs. 30 billion as a result of this decision.

6. Gas Development Surcharge
-On account of GDS
-Balochistan    28.7 percent,
-KP        3.0 percent,
-Punjab    7.8 percent
-Sindh    60.4 percent.
-As per former formula, the loss of royalty to Balochistan is about Rs 2 billion which will be compensated through generating additional revenue of Rs 1.8 billion under the revised formula. (10 %)

7. Relief Measures for KP and Balochistan
-KP NFC recognized the role of NWFP as front line province against War on Terror
-Federal Government to bear all expenditure
-1% of net proceeds of Divisible Pool ear-marked for KP
-Balochistan ,As the most under-developed province of Pakistan and having peculiar geographic and economic characteristics, Balochistan needed special attention of NFC. In the horizontal distribution, its provincial pool has been increased to 9.09% (approximately twice the 2009-10 Divisible Pool transfers). Moreover, Federal Government has promised to cover any short fall due to lower federal revenues.

Banks In Pakistan

G Abbas — Wed, 30 Jun 2010 05:43:13 +0000

There are seven types of banks in pakistan namely, Public Sector Banks, Islamic Banks, Private Banks, Foreign Banks, Development Financial Institutions, Specialized Banks and Micro Finance Banks. Under these seven catgories there are 54 banks in Pakistan and following are the top ten 10 biggest ones. The list and assets of these major banks of Pakistan have been given here.

Standard Chartered has been operating in Pakistan for over 140 years, with the chartered Bank first opening an office in Karachi in 1863. Today it is the largest and the oldest international bank in Pakistan with 127 branches. Its total estimated employs are over 9960 in Pakistan.
The State Bankof Pakistan is the central bank of Pakistan. Its headquarters are located in the financial capital of Pakistan, Karachi, with its second headquarters in the capital, Islamabad. In February 1994, the State Bank was given full autonomy, during the financial sector reforms. Its primary functions include issueing of notes, regulation of financial system and implementation and formulation of monetary policy. SBP has also directed the use of credit according to development priorities, providing subsidized credit.
National Bank of Pakistan maintains its position as Pakistan’s premier Bank determined to set higher standards of achievements. It is the major business partner for the Government of Pakistan with special emphasis on fostering Pakistan’s economic growth through aggressive and balanced lending policies, technologically oriented products and services offered through its large network of 1431 branches locally, 24 branches internationally and representative offices. It was established in 1949.
HBL(Habib Bank Limited) has more than 1,425 branches all over Pakistan and present in 26 countries across five continents. It has a domestic market share of over 40%. It continues sector with a major market share in inward foreign remittances (55%) and loads to small industries, traders and farmers. It is one of the largest Bank of Pakistan having total total assets of RS. 434,931,930,000.
Muslim Commercial Bank Ltd (MCB), is the largest private sector bank in Pakistan. MCB is also one of the leading banks of Pakistan with a deposit base of about RS.280 billion and total assets of around RS.300 billion. In 1974, MCB was nationalized along with all other private sector banks. This led to deterioration in the quality of the banks services like loan portfolio and other service. The Bank has a customer base of approximately 4 million and a nation wide distribution network of 1,026 branches.
Bank of Punjab was established in 1989, in pursuance of the Bank of Punjab Act 1989 and was given the status of scheduled bank in 1994. The Bank of Punjab is working as a scheduled commercial bank with its network of 272 branches in Pakistan. The Bank provides all types of banking services such as Deposit in Local currency, client Deposit in Foreign currency, Trade industry and Agriculture loaning.
Bank Alfalah Limitedis a private type bank of Pakistan that is owned by the Abu Dhabi Group. In Pakistan, The Bank became functional in the year 1997.Currently there are 238 branches of Bank Alfalah in the 75 different cities of Pakistan. Its head office is located in Karachi. The bank perceived the requirements of customers and matches them with quality products and service solutions.
Askari Bank Limitedformerly known as Askari Commercial Bank, is one of the quality banks in Pakistan. Its activities are to provide lending, depository and related financial services. As of 31 December 2008, the bank operated in 128 branches, as well as 1 offshore banking unit in Bahrain. Askari commercial Bank was incorporated in 1991 and was headquartered in Rawalpindi, Pakistan. Askari commercial Bank’s agricultural banking products and services include various finance products that include tractor finance and easy loans for farmers. As on December 31, 2007, the bank had equity of PKR 182.17 billion, with over 800,000 banking customers, services by 6,808 employees.
United Bank Limited is one of the largest private commercial bank in Pakistan with over 1000 branches and has an international presence in 10 countries. UBL has assets of over RS.550 billion and a solid track record of fifty years-in addition to the convenience of over 1112 branches serving throughout the country and also at several overseas locations. It was established in November 7, 1957. The bank offers personal banking, cash management, retail loans and other financial services.
On January 1, 2002 Al Faysal Investment Bank Limited, another group entity in Pakistan, merged into Foysal Bank Limited which resulted in a larger, stronger and much more versatile institution. It is a full service banking institution offering banking facilities to its individual and corporate customers. Faysal Bank also operates standalone Islamic banking branches under the operations of the Islamic group, which are conducted through 12 a branch offices located in all over Pakistan.

Per Capita Income of Pakistan

Mohsin Ali — Wed, 23 Jun 2010 15:26:57 +0000

The economic survey of Pakistan 2009-2010 has shown a meagre increase in per capita income of Pakistan. This is only a 0.4% rise according to the economic survey of Pakistan which was release by Ministry of Finance, Pakistan.

No.	Year	Per Capita Income In Dollars	PCI Previous Year	Growth Rate Of PCI
1.	2009-10	$ 1051	$ 1046	0.4 %
2.	2008-09	$ 1046	$ 1042	0.3 %
3.	2007-08	$ 1042	$ 925	18.4 %
4.	2006-07	$ 925	$ 847	–
5.	2005-06	$ 847	$ 736	14.1 %
6.	2004-05	$ 736	$ 657	13.5 %

Rise in Gold Prices Reason: Price Hike In Gold

Mohsin Ali — Mon, 22 Mar 2010 16:01:58 +0000

International market has experiencing surge in Gold Price since a year. On February 11, 2010 in London gold market rose to a near one week high at $ 1,090.85 an ounce. This surge implies the following reasons.
(1)   Downfall in the value of dollar.
(2)   Rising demand of gold jewellery.
(3)   No new reserves of Gold are being searched.
SPDR Gold trust said that gold could test new high in the coming months if the dollar remained on a week trend. It is a quoted as a consequence of 2008 economic meet down 2010 is said to be much more economic driven so dollar would not show influence. It will be more closely aligned with supply and demand.Looking into 2010, golden is not likely to recover in the first few months due to prospects for the dollar to fail to rise significantly. The huge US fiscal deficit will keep the dollar pressured while problems in housing loan repayments will weigh on bank’s financial health. The Federal Reserve is not expected to raise interstate. All these factors are dollar negative, which in turn benefits gold. A weak dollar boosts gold’s appeal as an alternative asset and makes dollar priced commodities cheaper for holder of other currencies. The economic crisis from late 2008 boosted gold, which investors bought as a safe heaven asset. Gold is also bought as a hedge against inflation, which erodes the value of paper assets
“The chaiman of Barrcek Gold crop the world’s largest gold Producer, said while gold prices may be volatile, its upward climb was not over.”
Gold’s popularity returns because investor fear inflation and sovereign downgrades and out look of paper currency in general. Gold prices jumped 2 percent in euro terms to a 796.57 euros on February 11. The world’s largest gold – backed exchange traded fund, SPDR Gold Trust said that its holdings stood at 1,111.922 tons. Gold also tends to track crude prices, as the metal can brought as a hedge against oil led inflation.
Global investment exceeded jewelery demand last year for the first time since 1980. In third quarter of 2009 gold demand or the mainland soared 12percent year on year to a record high of 120.2 tones. Glaringly, international arena does not show a surge in Gold demand but certain countries rush for it. For example in china it rose eight percent to 93.5 tones while retail investment rose a staggering 30% to a record 26.8 tones. The economic stability of the state also enables people to indulge themselves in such 14xury. Additionally, the role of traditions cannot be ignored. Albert cheng, Far East managing director for world Gold council said,
“The chinese have a deep affinity to gold which dates back thousands of years. No marriage will be ideal if the bride does not revieve gold jewellery”
Similarly India is expected to overtake china in this regard as it seemed to be a good buyer of Gold.
Most important, gold looks attractive to the government too. Last year Beijing revealed it had been buying gold since 2003 increasing its holdings from 600 to 1,054 tones. Recently India also bought gold from IMF. The reason for this buying of gold have following reasons.
Every state in the world keeps its foreign reserves in the form of foreign currency i.e $, Euro and pond. Gold is also taken as an asset in foreign reserve. Taking it as an asset was a tradition, very popular in the past that declined after the surge in value of dollar. Similarly the decline in the value of dollar give rise to the demand of gold as a part of foreign reserves.
Moreover, India & china bought is to increase their foreign reserves but IMF sold it for another reason. IMF help any state by two ways i.e SDRS (Special Drawing Rights) and ODRS (Ordinary Drawing Rights). In SDRS IMF have its special currency and Gold where as SDRS consist of $ and L. on that juncture, IMF was lacking holding of dollars so it sold its gold to India and china to increase its reserves in order to monitor other states.
The other element in the foreign reserves is international bonds. China is having world’s largest foreign exchange reserves at $ 2.27tr has largely invested in US government bonds. Focussing on US economy China is expecting to buy more gold internationally to diversify its assets.
On supply side South Africa’s statistics office said gold mine out put fell 8.8 percent in December in volime terms. The republic was the world’s 3rd largest mine produces in 2008 with out put of 233.2 tons. But South Africa’s firth biggest Gold producer DRD – Gold reported a 4 percent use in gold out put for the quarter to December and a retune to profile owing to lower operation cost. Global mine supply rise modestly including a 3.9% year over year gain, but these gains are unlikely to have a big impact on gold prices.
Additionally many mines in the world need to be discovered, that produce Gold. Many of them are not explored explicitly.
Recodick, a place in Balochistan, Pakistan, is rich in Gold and copper. It is estimated that it contains reserves of $ 70bn of Gold. During Former President General Pervez Musharaf, the tender of this Gold Treasure was given to Canadian Company named Chelian. On the condition that this company would give 20% share to federation and flew 80% to Canada. In current regime, the Provincial Government of Balouchistan had cancelled this contract.
Thus according to Reuters gold is heading for its ninth increase in as many years. Its not only gold but sugar, coca, copper and oil also saw surge in demand and prices, describing 2009 as a year of commodities. Some experts predict a long term rise in international price while other fear that prices could fall sharply and Gold may turn weaker towards the end of 2010 depending on economic data and views on the US interest rates. Moreover strength of US currency cuts gold’s appeal as an alternative asset and makes dollar priced commodities more expensive to holders of other currencies.

Richest Countries of Europe By GDP (PPP): Wealthiest EU Nations

Mohsin Ali — Sat, 20 Mar 2010 12:48:13 +0000

Europe is the 6th largest continent with 35 boundary divisions. Out of these 35 countries, following are the top ten 10 richest countries with respect to GDP PPP (Purchasing Power Parity) per capita.

Luxembourg is the richest country in Europe. It possesses the highest GDP of $ 81,730 per capita when measured on purchasing power parity. GDP per capita of Luxembourg is $ 113.004. Luxembourg is the world’s second largest investment fund center (After the USA), the most important private banking center in the Euro-zone and European’s leading center for reinsurance companies.
Norway: Norwegians enjoy the second highest GDP per capita (PPP) in Europe having $ 55,198 and GDP per capita is $ 95,062. The standard of living in Norway is among the highest in the world. The country is richly endowed with natural resources including petroleum, hydro power, fish, forests and minerals.
Switzerland is the thirds richest country in Europe having $ 42,840 GDP when measured on purchasing power parity and total estimated GDP per capita is $ 67,385. If adjusted for purchasing power parity, Switzerland ranks 15th in the world for GDP per capita. Switzerland has a flexible job market as compared to neighboring countries.
Ireland is the fourth richest country of Europe having $42.779 GDP (PPP). According to the Index of Economic Freedom created by Wall Street Journal and Heritage Foundation, Ireland is currently ranked as the world’s third most economically free economy.
Netherlands GDP (purchasing power parity) of Netherlands is $ 40,433 and it is the fifth largest country of GDP (PPP). The Netherlands has the 16th largest economy in the world, and ranks 10th in GDP (nominal) per capita. The country continues to be one of the leading European Nations for attracting foreign direct investment and has one of the five largest investors in the U.S.
Iceland is the most productive and richest country in the world having GDP(PPP) $39,664 per capita while nominal GDP is $ 54,385. Iceland’s economy has been diversifying into manufacturing and service industries in the last decade, including software production, biotechnology, and financial services. Iceland ranked 14th in the index of economic freedom in 2008.
Austria is one of the richest countries in the world, with an estimated GDP(PPP) per capita 39,647 while nominal GDP per capita is $43,570. Austria has a well-developed social market economy, and high standard of living. Austria is the seventh richest country in Europe and has a highly developed industry.
Denmark is the eight richest country in Europe with GDP (PPP) $ 38,207 and it ranked 16th in the world in terms of GDP (PPP) per capita. Denmark has the most flexible labour market in Europe and has a labour force of about 2.9 million. Denmark has the fourth highest ratio of tertiary degree holders in the world.
Sweden is ninth richest country of Europe having $ 37,525 GDP (Purchasing power parity) while GDP (nominal) per capita is $ 52,790. Sweden is ranked as having the best creativity in Europe for business and is predicted to become a talent magnet for the world’s most purposeful workers. Sweden is also an export-oriented mixed economy, excellent internal and external communication network, and a skilled labour force.
Finland is tenth richest nation of Europe having $ 36,843 GDP compared to purchasing power parity while GDP (nominal) per capita of Finland is $ 51,989. Finland has a highly industrialized free-market economy with a per capita output equal to that of other European economies such as France, Germany and the UK.

Exporting Countries: Major Export Countries In The World

Mohsin Ali — Mon, 15 Mar 2010 06:16:12 +0000

Export is a legal process of selling some goods or products from one country to another. The progress of any country depends upon the number of products it is exporting to other countries.

China is largest exporter and the largest trading nation in the world. China earned a revenue of 1.2 trillion dollars in 2009. China is ranked as the major exporter in the world in industrial outputs. Major industries include mining and ore processing, iron and steel, aluminum, coal, machinery, automobiles and other transpiration equipment including rail cars, electronics and toys.
Germany is the world’s second top exporter with $1187 billion exports in 2009. Germany is the leading producer of wind turbines and solar power technology in the world. Germany has also the largest national economy in Europe and the fourth largest by nominal GDP in the world.
United States:- The united states is the third largest exporter and also the largest importer of goods in the world. Its revenue from exports was 994.7 billion dollars in 2009. USA is the world’s number one producer of electrical goods and nuclear energy, it also produces liquid natural gas, sulphur, phosphates and salt.
Japan is ranked as the forth largest exporter in the world. Japan’s exports amounted to 516.3 billion U.S dollars per capita. Japan’s main export markets are the United States 22.8%, the European Union 14.5%, China 14.3%, South Korea 7.8%, Taiwan 6.8% and Hong Kong 5.6%. Japan’s main exports are transportation equipment, motor vehicles, electronics, electrical machinery and chemicals.
France:- France is the world’s fifth largest exporter. Its total export amounted to $ 457.8 billion. Machinery, transportation equipment, pharmaceutical products and chemicals are its main export goods. Main export partners of France are Germany 14.7%, Spain 9.6, Italy 8.7%, United Kingdom 8.3% and United States 7.2%.
Netherlands is the sixth largest exporter of goods in the world with an estimated revenue of $ 398 billion. The major exports of Netherlands are agricultural products. A significant portion of Dutch agricultural exports are derived from fresh-cut plants. Howere, with the Netherlands exporting two-thirds of the world’s total. It also exports a quarter of all world tomatoes, and one-third of the world’s Exports of peppers and cucumbers.
Italy is the world’s sixth largest exporter of manufactured as well as raw goods. From exports 369 billion dollars were generated as revenue last year. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less developed agricultural south. Its major exports are motor vehicles (Fiat Group, Aprillia), chemicals, and electric technology, but the country’s more famous exports are in the fields of fashion, food industry, luxury and motor yachts.
South Korea is the eighth largest exporting country earning a revenue of $ 355.1 billions in 2009. South Korea has achieved rapid economic growth through exports of manufactured goods, and is one of the four major Asian Tigers. Major industries in South Korea today are automobiles, semiconductors, electronics, shipbuilding and steel. South Korea’s shipbuilding industry is the largest in the world. In 2010 the ship industry exports have gone record high.
United Kingdom is the 9th largest exporting country in the world and the fourth largest in Europe, and total revenue from exports is 351.3 billion. The British motor industry is a significant part of this sector, although it has diminished with the collapse of the MG Rover Group and most of the industry is foreign owned. Civil and defence aircraft production is the second largest defence contractor in the world. The chemical and pharmaceutical industry is strong in the UK, with the world’s second and sixth largest pharmaceutical firms (GlaxoSmithKline and AstaZeneca, respectively).
Hong Kong is world’s tenth largest exporting country with a revenue of $ 326.9 billion. It has a gone up in the list of top ten exporting countries by pushing Canada behing.

Richest Countries Of Africa By GDP (PPP): Wealthiest Nations Of African Continent

G Abbas — Mon, 15 Mar 2010 05:29:06 +0000

Africa is one of the largest continents in the world. This continent is home of 53 nation states. Africa is also the poorest continent in the world but still there are some progressing economies in Africa which are wealthiest or richest in Africa. Here is the list of top ten 10 most richest nations or countries in Africa with respect to GDP (Purchasing Power Parity).

Egypt: The country has a highly developed economy, and she is the first richest country in Africa having 467,600 dollars GDP (PPP). GDP (Nominal) per capita of Egypt is 187.956 billion dollars in 2009, estimated by IMF. Egypt has a developed energy market based on coal, oil, natural gas, and hydro power. Egypt has huge reserves of gas, estimated at 1,940 cubic kilometers, and LNG is exported to many countries.
South Africa is the second richest country of Africa and is ranked 25th in the world in terms of GDP (PPP) as of 2009. GDP (PPP) of South Africa is 403,900 dollars while GDP per capita is 227.379 billion dollars. South Africa is the largest energy producer and consumer on the continent. The country is also a popular tourist destination, and a substantial amount of revenue comes from tourism. Among the main attractions are the diverse and picturesque culture, the game reserves and the highly regarded local wines.
Nigeria is the third richest country of Africa continent having $ 294,800 billions GDP compared on purchasing power parity GDP per capita of Nigeria is 165.437 billion dollars with growing population. Nigeria is currently the 50th largest export market for U.S goods and the 14th largest exporter of goods to the U.S. Nigeria used part of its oil profits to pay the residual 40% freeing up at least $ 1.15 billion annually for poverty reduction programs.
Algeria is the fourth richest country of Africa having $ 268,900 dollars GDP (PPP) while GDP per capita of Algeria is 134.797 billion dollars estimated by IMF in 2009. The fossil fuels energy sector is the backbone of Algeria’s economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. The country ranks fourteenth in petroleum reserves, containing 11.B billion barrels of proven oil reserves with estimates suggesting that the actual amount is even more.
Morocco is the fifth richest country of Africa continent having $ 127,000 GDP (Purchasing Power parity) in her account whereas GDP per capita is 90.775 billion dollars in 2009. Morocco is the world’s third-largest producer of phosphorus and the price fluctuations of phosphates on the international market greatly influence economy. In the Arab World, Morocco has the second-largest non-oil GDP, behind Egypt.
Angola is one of the fastest growing economy in the world. The country is the sixth richest country of Africa having 93,100 dollars GDP compared on purchasing power parity. The GDP per capita of Angola is 69.708 billion dollars. Anti-corruption watchdog Transparency international rated Angola one of the 10 most corrupt countries in the world. Oil production from Angola now is china’s biggest supplier of oil.
Libya is the seventh richest nation in Africa having 90,600 dollars GDP (purchasing power parity) while GDP per capita of Libya is 60.609 billion dollars. Today, high oil revenues and a small population give Libya one of the highest GDPS per person in Africa. The world Banks defines Libya as an “Upper Middle Economy” along with only seven other African countries.
Sudan is the eight richest country in Africa having 80,500 dollars GDP (PPP) whereas GDP per capita of Sudan is 54,294 billion dollars. Currently oil is Sudan’s main export, and the production is increasing dramatically. Agriculture production remains Sudan’s most important sector, employing 80% of the workforce and contributing 39% of GDP.
Tunisia: In 2008 Tunisia had a GDP of $ 41 billion (official exchange rates) or $ 82 billion on measured purchasing power parity. It also has one of Africa and the Middle East’s highest per capita GDP (PPP) having 76,900 dollars. Tunisia was the first Mediterranean country to sign an association agreement with the European Union. The Agricultural Sector stands for 11.6% of the GDP, industry 25.7% and services 62.8%.
Ethiopia has the biggest economy in east Africa (GDP) as the Ethiopian economy is also one of the fastest growing in the world. GDP (PPP) of Ethiopia is 61,600 dollars and GDP per capita is 33.920 billion Agriculture accounts for almost 41 per cent of the gross domestic product (GDP), 80% of export, and 80% of the labour force. Ethiopia is Africa’s second biggest maize producer.