Pakistan sees nearly 40 per cent increase in petroleum import bill

WEB DESK: The import bill for petroleum products reached $1.22 billion in July 2024, reflecting a substantial year-on-year increase of 39.97 per cent from $874.76 million recorded in July 2023, according to data from the State Bank of Pakistan (SBP).

However, compared to June 2024, when the bill stood at $1.46 billion, there was a month-on-month decline of 16.08 per cent.

Petroleum products accounted for 25.41 per cent of the total import bill in July 2024. Overall, the total import bill increased by 16.34 per cent year-on-year, amounting to $4.82 billion. On a monthly basis, imports rose by 4.08 per cent from $4.63 billion in June 2024.

The transport sector saw a decrease in its import bill, falling by 4.81 per cent year-on-year to $147.78 million in July 2024, down from $155.25 million in July 2023.

The highest imports after petroleum were in the Machinery Group and Agricultural and Other Chemicals, with respective values of $897.51 million and $801.54 million for the review month.

Imports of agricultural and other chemicals declined by 1.17 per cent year-on-year but rose by 20.11 per cent month-on-month to $801.54 million. Food imports fell by 15.22 per cent year-on-year to $535.52 million in July, compared to $631.67 million in the same month last year.

However, on a month-to-month basis, food imports increased by 26.87 per cent from $422.1 million in June.

Read next: ADB warns Pakistan at risk of severe water shortage due to rising population