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Pakistan’s Petroleum Imports Fall By 28% in First Quarter of FY24

Petroleum group imports witnessed a negative growth of 28.03 percent during the first quarter (July-September) of the current fiscal year (FY24) and stood at $3.501 billion when compared to $4.865 billion during the same period of last fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.

The data on exports and imports released by PBS revealed that petroleum group imports declined by 14.90 percent on a year-on-year (YoY) basis and stood at $1.330 billion in September 2023 when compared to $1.563 billion during September 2022. On a month-on-month basis, they registered 3.55 percent negative growth when compared to $1.379 million in August 2023.

Petroleum products imports witnessed 36.55 percent negative growth during July-September FY24 and remained at $1.515 million compared to $2.388 billion during the same period of last fiscal year.

On an MoM basis, they registered 11.45 percent negative growth and stood at $544.087 million in September 2023 when compared to $614.781 million in August 2023. On a YoY basis, petroleum products registered 25.44 percent negative growth when compared to $730.107 million in September 2022.

The overall imports during July-September FY24 stood at $12.227 billion (provisional) as against $16.329 billion during the corresponding period of FY23 showing a decrease of 25.12 percent.

The imports in September 2023 were $3.994 billion (provisional) as compared to $4.528 billion in August 2023 showing a decrease of 11.79 percent and by 24.54 percent as compared to $5.293 billion in September, 2022.

The main commodities of imports during September 2023 were Petroleum products (Rs. 162,087 million), Petroleum crude (Rs. 146,179 million), Natural gas (liquified) (Rs. 75,331 million), Palm oil (Rs. 61,388 million), Plastic Materials (Rs. 49,628 million), Electric machinery & apparatus (Rs. 44,699 million), Iron & steel (Rs. 44,191 million), Mobile phones (Rs. 37,093 million), Iron & steel scrap (Rs. 27,299 million) and Pulses (leguminous vegetables) (Rs. 22,208 million).

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