ISLAMABAD: The imports of petroleum products into the country duringfinancial year ended on June 30, had witnessed 15.95pc decrease as comparedto the imports of the corresponding period of last year.
The import bill of petroleum products during the period from July-June2018-19 was reduced over US $ 1.193 billion as compared to the same periodof last year, according the data released by Pakistan Bureau of Statistics.
During the period under review, petroleum products valuing US $ 6.283billion were imported as compared the import of US$7.476 billion of sameperiod of 2017-18, the data reveled.
In quantum terms, petroleum products import into the country alsoregistered negative growth of 30.89pc as about 10,423,126 metric tons ofthe petroleum imported during the financial year ended on June 30, 2019 asagainst the import of 15,082,243 metric tons of the same period of lastyear, it said.
However, during the period under review the overall petroleum group importsinto the country recorded a nominal growth of 0.08pc when it was comparedwith the imports of the same period of last year.
During the preceding financial year (2018-19) government had spent anamount of US$14.441 billion on the import of petroleum group which wasstood at US$14.430 billion of same period of financial year 2017-18.
During the period from July-June 2018-19, import of crude petroleum wasreduced by 13.22pc in quantity term but it grew by 8.07pc in dollar term,it added.
In 12 months of last financial year about 9, 029,358 metric tons ofpetroleum crude worth US$ 4.570 billion were imported as against the importof 10,404,500 metric tons valuing of US $ 4.229 billion of same period oflast year.
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Meanwhile, the import of natural gas and liquified gas witnessed anincrease of 35.95pc in dollar term and 66.12 percent increase in quantumterms.
The country spent an amount of US $ 3.336 billion on the import of naturalas well as liquified gas as compared to the spending of US $ 2.453 billionof same period of last year.
Meanwhile, the import of petroleum gas and liquified into the countryreduced by 7.52pc as it was recorded at US $ 250.186 million in 12 monthsof financial year 2019-19 as compared the imports of US $ 270.518 millionof same period of 2017-18.
It may be recalled that trade deficit was narrowed 15.3pc to US $ 31.8billion owing to import compression polices of the government byencouraging the production of imports substitutes and enhancing the localexports. According to the details released by the PBS, total importsinto the country was recorded at US $ 54.799 billion as against the importsof US $ 60.795 billion of 2017-18.
The exports from the country was recorded at US$22.979 billion duringfinancial year 2018-19 as compared to US $ 23.212 billion of same period oflast year.
During the financial year 2018-19 exports from the country observed 1pcnegative growth 1pc, where as imports into the country reduced by 9.86pc.
