Pakistan's POL import bill contracts by 8.1pc to $7.7bn in 5MFY23
Business
Pakistan's POL import bill contracts by 8.1pc to $7.7bn in 5MFY23
ISLAMABAD (APP) -The imports of the overall petroleum group declined by 8.11 per cent during the first five months of the current fiscal year (2022-23) as compared to the corresponding period of the last year, the Pakistan Bureau of Statistics (PBS) reported.
The total imports of the petroleum group during July-November (2022-23) stood at $7,700.272 million, as against the imports of $8,379.847 million during the same period of last year, according to the PBS data.
Among petroleum commodities, the import of petroleum products declined by 14.52pc, from $4,155.917mn last year to $3,552.326mn during the period under review.
Likewise, the imports of liquified natural gas declined by 17.38, going down to $1,584.8mn this year against the imports of $1,918.188mn recorded during the corresponding period of last year.
On the other hand, the products that witnessed positive growth included petroleum crude, the imports of which grew by 10.55, from $2,056.288mn last year to $2,273.329mn whereas imports of liquified petroleum gas increased by 16.19pc, from $249.309mn to $289.671mn.
The imports of all other petroleum products increased by 0.81pc from $ 0.145mn to $0.146mn.
Meanwhile, on a year-on-year basis, the petroleum group imports witnessed a decrease of 24.58 percent during the month of November 2022 as compared to the same month of last year.
The petroleum imports during November 2022 were recorded at $1,646,185mn against the imports of $2,182.562mn during November 2021.
On a month-on-month basis, the petroleum imports into the country increased by 38.56pc during November 2022 when compared to the imports of $1,188.107mn in October 2022, according to the data.
During the first five months of the current fiscal year, the merchandise trade deficit witnessed a decline of 30.14pc and was recorded at $14,406mn this year against the deficit of $20,621mn last year.
According to PBS data, the exports from July-November (2022-23) were recorded at $11,932mn against the exports of $12,362mn in July-November (2021-22), showing a decline of 3.48pc.
On the other hand, the country s imports declined by 20.15pc during the period under review by going down from $32,983mn last year to $ 26,338mn during the current year.
