POL Import Bill Shrinks By 21.84% In 11 Months

ISLAMABAD, (UrduPoint / Pakistan Point News - 20th Jun, 2023 ) :The imports of the overall petroleum group contracted by 21,84 percent during the first eleven 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-May (2022-23) stood at $ 15,382.307 million as against the imports of $ 19,679.473 million during the same period of last year, according to PBS data.

Among petroleum commodities, the import of petroleum products declined by 32.67 percent, from $ 10,022.564 million last year to $ 6,748.197 million during the period under review.

Likewise, the imports of liquefied natural gas declined by 19.07 percent and dropped from $ 4,289.895 million last year to $ 3,471.607 million this year whereas petroleum crude dipped by 4.99 percent from $ 4,759.875 million to $ 4,522.560 million.

On the other hand, the products that witnessed positive growth included liquefied petroleum gas, the imports of which grew by 3.39 percent, from $ 606.892 million last year to $ 639.625 million whereas imports of all other petroleum products increased by 28.83 percent, from $ 0.247 million to $0.

318 million.

Meanwhile, on a year-on-year basis, the petroleum group imports witnessed a decrease of 46.80 percent during the month of May 2023 as compared to the same months of last year.

The petroleum imports during April 2023 were recorded as $1,407.697 million against the imports of $2,645.898 million during May 2022.

On a month-on-month basis, the petroleum imports into the country however increased by 57.91 percent during May 2023, as compared to the imports of $ 891.468 million in April 2023, said the data.

It is pertinent to mention here that the overall trade deficit witnessed a decline of 40.59 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year.

The trade deficit during July-May (2022-23) was recorded at $25.791 billion against the deficit of $43.409 billion in July- May (2021-22), a decline of 40.59 percent.

The exports during the period were recorded at $25.366 billion against $28.871 billion last year, showing a decline of 12.14 percent.

On the other hand, the imports witnessed a sharp decline of 29.22 percent by falling from $72.280 billion last year to $51.157 billion during the current fiscal year, PBS reported.