Pakistan’s Petroleum group imports witnessed a negative growth of 8.28 percent during the first eight months (July-February) of the current fiscal year 2022-23 (FY23) and remained $11.876 billion compared to $12.948 billion during the same period of last fiscal year, says Pakistan Bureau of Statistics (PBS).

The data of exports and imports released by the PBS revealed that petroleum group imports registered 4.62 percent negative growth on a month-on-month (MoM) basis in February 2023 and remained $1.264 billion compared to $1.326 billion in January and registered one percent growth on a year-on-year (YoY) basis when compared to $1.252 billion in February 2022.

Petroleum products witnessed 14.47 percent negative growth during the first eight months of the current fiscal year and remained $5.352 billion compared to $6.257 billion during the same period of the last fiscal year.

On MoM basis, it remained $462.706 million in February 2023 compared to $687.615 million in January 2023 and registered 32.71 percent growth. On a YoY basis, petroleum products imports witnessed negative growth of 11.61 per cent when compared to $523.457 million in February 2022.

Petroleum crude imports witnessed a growth of 10.3290 percent during the first eight months of the current fiscal year 2022-23 and remained $3.483 billion when compared to $3.157 billion during the same period of last year. On a MoM basis, petroleum crude imports registered 18.14 percent growth and remained $383.137 million in February 2023 compared to $324.296 million in January 2023. On a YoY basis, petroleum crude imports witnessed a negative growth of 5.9 percent when compared to $361.779 million in February 2022.

Natural gas, liquefied imports witnessed a negative growth of 17.19 percent during the first eight months of the current fiscal year and remained at $2.550 billion compared to $3.080 billion during the same period of last fiscal year.

Agricultural and other chemicals group imports witnessed 37.03 percent negative growth during the first eight months of the current fiscal year and remained at $6.372 billion compared to $10.119 billion during the same period of last fiscal year.

Machinery group

Machinery group imports witnessed 46.42 percent negative growth during the first eight months of the current fiscal year and remained at $4.155 billion compared to $7.755 billion during the same period of last fiscal year.

Power generation machinery registered 68.03 percent negative growth during the first eight months of the current fiscal year and remained $375.825 million compared to $1.175 billion during the same period of the last fiscal year.

Transport group

Transport group imports witnessed 51.02 percent negative growth during the first eight months of the current fiscal year and remained at $1.442 billion compared to $2.944 billion during the same period of last fiscal year.

Food group

Food group imports witnessed 3.98 percent growth during the period under review and remained at $6.687 billion compared to $6.431 billion during the same period of last fiscal year.

Overall imports

The country’s imports during July-February, 2022-23 totaled $40.118 billion (provisional) as against $52.452 million during the corresponding period of last year showing a decrease of 23.51 percent.

The imports in February, 2023 were $4.034 billion (provisional) as compared to $4.875 billion in January, 2023 showing a decrease of 17.25 percent and by 31.08 percent as compared to $ 5,853 million in February, 2022.

Main commodities of imports during February, 2023 were petroleum products (Rs. 123,393 million), petroleum crude (Rs.102,174 million), natural gas, liquified (Rs.95,561 million), palm oil (Rs. 62,554 million), raw cotton (Rs.36,886 million), iron & steel (Rs.34,748 million), plastic materials (Rs. 34,307 million), electric machinery & apparatus (Rs.34,289 million), medicinal products (Rs.28,200 million) and wheat unmilled (Rs.26,977 million)

Trade deficit

Pakistan’s trade deficit narrowed by 32.75 percent during the first eight months (July-February) of the current fiscal year and stood at $21.440 billion compared to $31.879 billion during the same period of last fiscal year.

Source: Pro Pakistani