Pakistan petroleum products imports register significant decline in FY 2019

Pakistan petroleum products imports register significant decline in FY 2019
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ISLAMABAD: The imports of petroleum products into the country during financial year ended on June 30, had witnessed 15.95pc decrease as compared to the imports of the corresponding period of last year.

The import bill of petroleum products during the period from July-June 2018-19 was reduced over US $ 1.193 billion as compared to the same period of last year, according the data released by Pakistan Bureau of Statistics.

During the period under review, petroleum products valuing US $ 6.283 billion were imported as compared the import of US$7.476 billion of same period of 2017-18, the data reveled.

In quantum terms, petroleum products import into the country also registered negative growth of 30.89pc as about 10,423,126 metric tons of the petroleum imported during the financial year ended on June 30, 2019 as against the import of 15,082,243 metric tons of the same period of last year, it said.

However, during the period under review the overall petroleum group imports into the country recorded a nominal growth of 0.08pc when it was compared with the imports of the same period of last year.

During the preceding financial year (2018-19) government had spent an amount of US$14.441 billion on the import of petroleum group which was stood 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 was reduced 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 of petroleum crude worth US$ 4.570 billion were imported as against the import of 10,404,500 metric tons valuing of US $ 4.229 billion of same period of last year.

Meanwhile, the import of natural gas and liquified gas witnessed an increase of 35.95pc in dollar term and 66.12 percent increase in quantum terms.

The country spent an amount of US $ 3.336 billion on the import of natural as well as liquified gas as compared to the spending of US $ 2.453 billion of same period of last year.

Meanwhile, the import of petroleum gas and liquified into the country reduced by 7.52pc as it was recorded at US $ 250.186 million in 12 months of financial year 2019-19 as compared the imports of US $ 270.518 million of same period of 2017-18.

It may be recalled that trade deficit was narrowed 15.3pc to US $ 31.8 billion owing to import compression polices of the government by encouraging the production of imports substitutes and enhancing the local exports. According to the details released by the PBS, total imports into the country was recorded at US $ 54.799 billion as against the imports of US $ 60.795 billion of 2017-18.

The exports from the country was recorded at US$22.979 billion during financial year 2018-19 as compared to US $ 23.212 billion of same period of last year.

During the financial year 2018-19 exports from the country observed 1pc negative growth 1pc, where as imports into the country reduced by 9.86pc.

Economy