Published On: Wed, Sep 27th, 2017

Pakistan Oil Imports Rose 35% to $2 billion

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Pakistan Oil ImportsThe Pakistan oil imports bill rose nearly 35% year-on-year to $2.03 billion in the first two months of this fiscal year.

Exerting more pressure on the country’s balance of payments the share of oil in Pakistan’s total import bill in the July-Aug period was 21%.

According to the Pakistan Bureau of Statistics (PBS), the official statistics show that import of petroleum products went up 19% in value. However, 58% growth was recorded in terms of quantity of petroleum products.

Import of petroleum crude posted a growth of 67% in value and 63% in terms of quantity during the period under review.

In the petroleum group, the import bill of liquefied natural gas surged 59% while that of liquefied petroleum gas recorded growth of 83% during the period under review.

Machinery arrivals, the second-biggest component in the import bill, rose 6.2% year-on-year to $1.96 billion in the first two months of 2017-18.

However, power generating machinery and office machinery went down by 19% and 16%, respectively.

Textile machinery and construction machinery posted growth of 16% and 4% during the period under review.

A positive growth was witnessed in the import bill of the telecom sector because of an increase in the import of mobile phones and other apparatus. Import of mobile sets witnessed 40% growth in just two months of the current fiscal year.

The imports of foodstuffs recorded a growth of 27% during the July-August period of this fiscal year.

This increase has been attributed to massive imports of palm oil worth $360m followed by ‘other’ food items ($395m), pulses ($102.6m) and tea ($96m).

Under the review period the imports of dry fruits and milk products also witnessed a growth.

About the Author

- An enthusiast working in Dubai as an Assistant Operations Manager. Writing about Pakistan and the latest happenings, trends around the globe is my passion. A dreamer, learner and a major foodie.