Pakistan’s Monthly Import Bill Breaks All Previous Records

Pakistan’s imports witnessed an 82.83 percent growth, the highest ever, on a year-on-year basis in November 2021. The imports stood at $7.847 billion in November 2021 compared to $4.292 billion in November 2020, according to the Pakistan Bureau of Statistics.

The import bill of energy, steel, and industrial raw materials posted growth, while the high import of vaccines also contributed significantly to the rise in the November import bill from a year ago. The total import value of the top 30 items in November reached Rs. 696.346 billion from Rs. 287.131 billion over the corresponding month of last year, registering a growth of 142.52 percent.

The country’s imports stood at $32.934 billion during July-November 2021-22 compared to $19.468 billion during the same period of last fiscal year, registering a 69.17 percent increase, revealed the trade figures.

Moreover, motor spirit (petrol), which increased by 279.54 percent to Rs. 102.697 billion in November from Rs. 27.058 billion the previous year, was followed by petroleum and oils obtained from bitumen, which increased by 131.76 percent to Rs. 75.455 billion, and high-speed diesel, which increased by 266.39 percent to Rs. 57.234 billion from Rs. 15.621 billion the previous year.

LNG imports increased by 101.94 percent to Rs. 72.372 billion, up from Rs. 35.837 billion the previous year. The increase in LNG costs, combined with the Rupee’s harrowing plunge, raised the cost of imports in November.

In extension, Bituminous coal imports climbed by 120.36 percent to Rs. 41.339 billion, up from Rs. 18.760 billion the previous year. Coal is employed in a variety of sectors, such as steel and electricity. The import value of palm oil and palm olein has risen dramatically.

Notably, palm oil imports climbed by 185.12 percent to Rs. 33.611 billion in November from Rs. 11.788 billion, while palm olein imports increased by 60.74 percent to Rs. 29.056 billion from Rs. 18.076 billion in the same period last year.

According to the Pakistan Bureau of Statistics (PBS) data, the trade deficit on a month-on-month basis widened by 27.01 percent to $4.963 billion in November 2021 compared to $3.908 billion in October this year.

PBS further said the trade deficit widened by 111.74 percent to $20.590 billion during the first five months (July-November) of the current fiscal year 2021-22 as compared to $9.724 billion during the same period of 2020-21.

Moreover, the exports witnessed 26.68 percent growth during July-November 2021-22 and remained $12.344 billion compared to $9.744 billion during the same period of 2020-21.

The country’s trade deficit widened by 133.99 percent on a year-on-year basis and stood at $4.963 billion in November 2021 compared to $2.121 billion in November 2020.

The exports, as per the data, witnessed 32.84 percent growth on a year-on-year basis in November 2021 and stood at $2.884 billion compared to $2.171 billion in November 2020.

A 17.04 percent growth was registered in the exports on a month-on-month, as the exports stood at $2.884 billion in November 2021 compared to $2.464 billion in October 2021.

Imports increased by 23.15 percent in November 2021 and stood at $7.847 billion compared to $6.372 billion in October 2021.

The trade figures were slightly different from what the Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood had shared with the media.

According to Commerce Advisor, Pakistan’s exports during November 2021 increased by 33 percent to a historic monthly high of $2.903 billion compared to $2.174 billion during the corresponding period of last year. He said Commerce Ministry’s target was $2.6 billion.

Dawood further claimed that exports posted a growth of 27 percent to $12.365 billion during July-November 2021-22 as compared to $9.747 billion during the same period of 2020-21.