KARACHI: The repatriation of profits and dividends plunged by 34.42 per cent to $1.05 billion during July-March period of 2018-19, from $1.6bn in corresponding period last year, according to data released by the State Bank of Pakistan on Friday.

The highest outflow was recorded in oil and gas exploration at $167.9 million in 9MFY19, down from $202m in same period last year. Financial business came in second with repatriation of $137.2m, jumping from previous period’s $194.1m.

Petro chemicals followed with an outflow of $90.3m during the first nine months of this fiscal year, decreasing from $97.5m. Similarly, power sector posted figures of $88.8m, contracting by almost half from $184.7m. Food sector recorded repatriation of $86.3m, as against $181.4m and communications at $76.2m, down from $169m in July-March 2017-18.

Meanwhile, outflow on portfolio investments clocked in at $160m during 9MFY19, decreasing by 28.27pc over $223.5m recorded in same period last year.

In March, the repatriation of foreign investment came out at $55m, down 28pc, from $76.4m in February and shrank 60.7pc from $140.9m in same month last year.

Country-wise, the most significant outflow was to the United Kingdom at $222.3m during the nine-month period, up from $335m. The United States closely followed with $172m in repatriation, as against $181m in same period last year.

United Arab Emirates had the third highest outflow worth $80.7m in 9MFY19, over $154.8m in similar period last year. China witnessed a steep fall in repatriation of profits, which declined by 59.47pc to $59.2m during the period under review, from $146.1m in corresponding months last year.

Published in Dawn, April 27th, 2019