Petroleum import bill drops by over 7 per cent to $1.3 billion in September

ISLAMABAD: In September 2024, Pakistan’s petroleum import bill rose by 1.5 per cent to $1.3 billion, compared to $1.28 billion in the same month last year, according to data from the State Bank of Pakistan (SBP).

Despite this yearly rise, petroleum product imports for September fell by 7.5 per cent from $1.41 billion in August 2024.

Petroleum products accounted for 27.8 per cent of the country’s total import bill for September. During the first quarter of the fiscal year 2025 (3MFY25), the petroleum import bill increased by 13.7 per cent to $3.94 billion, up from $3.46 billion in the same period last year.

The overall import bill saw a significant yearly increase, jumping 19.4 per cent to $4.69 billion in September 2024. However, on a month-to-month basis, total imports fell slightly by 0.4 per cent compared to $4.71 billion in August.

Cumulatively, during the first three months of FY25, total imports surged by 15.7 per cent to reach $14.22 billion, compared to $12.29 billion in the same period last year.

After petroleum, the largest import categories in September were agricultural and other chemicals, worth $866.94 million (up 21.7 per cent YoY and 10.9 per cent MoM), and machinery, which accounted for $636.74 million in imports.

The import of agricultural and other chemicals during the quarter rose by 9.9 per cent to $2.45 billion.

Food imports also showed a rise, increasing by 12.1 per cent to $515.62 million in September 2024, compared to $459.88 million in September 2023.

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