Pakistan’s petroleum import bill surges by 15.65%

WEB DESK: The State Bank of Pakistan (SBP) has released data revealing a notable increase in the import bill of the petroleum group, reaching $1.43 billion in January 2024.

This marks a substantial 15.65 per cent month-on-month (MoM) surge compared to the $1.24 billion recorded in December 2023.

Furthermore, the year-on-year (YoY) comparison indicates a 13.45 per cent rise in petroleum product imports compared to January 2023, with the bill standing at $1.26 billion.

The petroleum group’s share in the total import bill for January 2024 reached 31.7 per cent.

In a contrasting trend, the import bill for petroleum products in the first seven months of the fiscal year 2023 witnessed a significant decrease of 22.45 per cent YoY, settling at $8.78 billion, compared to the $11.33 billion recorded in the corresponding period of the previous year.

The overall import bill for the nation experienced a 16.02 per cent YoY increase, amounting to $4.51 billion in December. On a monthly basis, imports registered a 10 per cent MoM growth compared to the $4.1 billion recorded in December 2023.

Cumulatively, in the first seven months of fiscal year 2023, total imports saw an 11.1 per cent YoY decrease, reaching $29.76 billion compared to $33.48 billion in the same period the previous fiscal year.

The Agri. & Other Chemical and Food Group secured the second and third-highest imports, amounting to $860.93 million and $695.07 million, respectively, in the review month.

Agricultural and other chemicals saw a substantial YoY increase of 34.5 per cent and a MoM growth of 29.64 per cent, totaling $860.93 million. During the first seven months of fiscal year 2023, imports for this group rose by 0.56 per cent YoY, reaching $5.38 billion.

In the transport sector, the import bill rose by 10.71 per cent YoY to $115.06 million in January 2024, attributed to a 45.71 per cent YoY increase in the import of road motor vehicles, standing at $78.5 million.

However, on a sequential basis, there was a decline of 23.19 per cent MoM compared to transport imports of $149.79 million in the previous month.

Cumulatively, in the first seven months of fiscal year 2023, imports from the transport sector increased by 4.84 per cent YoY to $892.57 million.

These trends in import bills provide valuable insights into the evolving dynamics of Pakistan’s trade landscape, reflecting both challenges and opportunities for the nation’s economic stakeholders.

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