July-October 2022-23: POL group imports witness negative growth of 8.11pc

ISLAMABAD: Petroleum group imports witnessed a negative growth of 8.11 percent during the first five months (July-October) of the current fiscal year 2022-23 and remained $ 7.7 billion compared to $ 8.379 billion during the same period of last fiscal year, says the Pakistan Bureau of Statistics (PBS).

The data of exports and imports released by the PBS revealed that petroleum group imports registered 38.56 percent growth on a month-on-month (MoM) basis in November 2022 and remained $ 1.646 billion compared to $ 1.188 billion in October and registered 24.58 percent negative growth on a year-on-year (YoY) basis when compared to $ 2.182 billion in November 2021.

Petroleum products witnessed 14.52 percent negative growth during the first five months of the current fiscal year and remained $ 3.552 billion compared to $ 4.155 billion during the same period of the last fiscal year.

On MoM basis, it remained $ 708 million in November 2022 compared to $ 455.341 million in October 2022 and registered 55.54 percent growth. On a YoY basis, petroleum products imports witnessed a negative growth of 43.84 percent when compared to $ 1.261 billion in November 2021.

Petroleum crude imports witnessed a growth of 10.55 percent during the first five months of the current fiscal year 2022-23 and remained $ 2.273 billion when compared to $ 2.056 billion during the same period of last year.

On a MoM basis, petroleum crude imports registered 46.64 percent growth and remained $ 545.984 million in November 2022 compared to $ 372.322 million in October 2022. On a YoY basis, petroleum crude imports witnessed a growth of 25.20 percent when compared to $ 436.097 million in November 2021.

Natural gas, liquefied imports witnessed a negative growth of 17.38 percent during the first five months of the current fiscal year and remained at $ 1.584 billion compared to $ 1.1.918 billion during the same period of last fiscal year.

Agricultural and other chemicals group imports witnessed 28.49 percent negative growth during the first five months of the current fiscal year and remained at $ 4.370 billion compared to $6.112 billion during the same period of last fiscal year.

Machinery group imports witnessed 42.35 percent negative growth during the first five months of the current fiscal year and remained at $ 2.760 billion compared to $ 34.788 billion during the same period of last fiscal year.

Power generation machinery registered 71 percent negative growth during the first five months of the current fiscal year and remained $ 247.181 million compared to $ 852.27 million during the same period of the last fiscal year.

Transport group imports witnessed 46.77 percent negative growth during the first five months of the current fiscal year and remained at $ 1.022 billion compared to $ 1.92 billion during the same period of last fiscal year.

Food group imports witnessed 1.63 percent growth during the first five months of the current fiscal year and remained at $ 4.08 billion compared to $ 4.015 billion during the same period of last fiscal year.

The country’s imports during July–November 2022 totaled $ 26.221 billion (provisional) as against $ 32.983 billion during the corresponding period of last year showing a decrease of 20.50 percent.

Imports in November 2022 were $ 5,182 million (provisional) as compared to $ 4,711 million in October 2022 showing an increase of 10.00 per cent but decreased by 34.40 percent as compared to $ 7,899 million in November 2021.

Pakistan’s trade deficit narrowed by 30.77 percent during the first five months (July-November) of the current fiscal year and stood at $ 14.276 billion compared to $ 20.621 billion during the same period of last fiscal year.

Copyright Business Recorder, 2022