Pakistan’s Petroleum Imports Swell by 113% in First Six Months of FY2022

Petroleum group imports witnessed an increase of 113.39 percent growth as it reached $10.18 billion in July-December 2021 compared to $4.77 billion during the same period of the last fiscal year, says the Pakistan Bureau of Statistics (PBS).

The petroleum imports were down by 17.44 percent in December 2021 and remained $1.8 billion when compared to $2.18 billion in November 2021, however, registered 118.45 percent growth on a year-on-year basis in December when compared to $824 million during the same month of last year.

The country’s textile group exports witnessed 26.05 percent growth during the first half (July-December) of the current fiscal year and remained $9.38 billion compared to $7.44 billion during the same period of the last fiscal year.

The exports and imports data released by the PBS revealed that textile group exports, on a month-on-month basis, witnessed a 6.47 percent decline and remained $1.623 billion in December 2021 compared to $1.735 billion in November 2021.

On a year-on-year basis, textile group exports witnessed 15.89 percent growth in December 2021, when compared to $1.4 billion in December 2020.

Cotton yarn exports registered a growth of 52.33 percent during July-December 2021 and remained at $610.427 million compared to $400.733 million during the same period of last year and increased by 10.76 percent in December 2021 and remained $106.529 million when compared to $96.18 million during the same month of last year.

Raw cotton exporters witnessed 197.3 percent growth in the first half of the current fiscal year and remained $1.763 million compared to $0.593 million during the same period of the last fiscal year. Raw cotton exports witnessed a 100 percent increase on a month-on-month basis and 2428 percent on a year-on-year basis as it remained $1.76 million in December 2021 compared to zero in November.

Construction and mining machinery imports have witnessed a growth of 75.42 percent during July-December and remained at $95.243 million compared to $54.295 million during July-December 2021.

The construction and mining machinery registered 285.9 percent growth on a year-on-year basis and remained $26.685 million in December 2021 compared to $6.915 million in December 2020; however, it registered 47.51 percent growth on a month-on-month basis when compared to $18 million in November 2021.

The country’s exports during July–December 2021 totaled $15.127 billion (provisional) against $12.110 billion during the corresponding period of last year, showing an increase of 24.91 percent.

The country’s exports in December 2021 were $2.765 billion (provisional) as compared to $2.901 billion in November 2021, showing a decrease of 4.69 percent but increased by 16.86 percent as compared to $2.366 billion in December 2020.

The country’s imports during July–December 2021 totaled $40.649 billion (provisional) against $24.454 billion during the corresponding period of last year, showing an increase of 66.23 percent. The imports in December 2021 were $7.666 billion (provisional) as compared to $7.899 billion in November 2021, showing a decrease of 2.95 percent but increased by 53.75 percent as compared to $4.986 billion in December 2020.

The country’s trade deficit widened by 106.76 percent from $12.344 billion in July-December 2020 to $25.522 billion in July-December 2021, widened by 87.06 percent in December 2021, and remained $4.9 billion compared to $2.6 billion in December 2020.

The main commodities of exports during exports during December 2021 were knitwear (Rs. 77,961 million), readymade garments (Rs. 61,411 million), bed wear (Rs. 44,905 million), rice others (Rs. 33,868 million), cotton cloth (Rs. 33,502 million), cotton yarn (Rs. 18,874 million), towels (Rs. 16,867 million), fruits (Rs. 12,376 million), madeup articles (excl. towels & bedwear) (Rs. 12,272 million) and fish & fish preparations (Rs. 9,050 million).

Main commodities of imports during December, 2021 were medicinal products (Rs. 172,866 million), petroleum products (Rs. 159,573 million), natural gas liquified (Rs. 85,128 million), petroleum crude (Rs. 62,773 million), palm oil (Rs. 56,104 million), iron & steel (Rs. 49,500 million), plastic materials (Rs. 46,668 million), iron & steel scrap (Rs. 44,627 million), mobile phone (Rs. 41,440 million) and electrical machinery & apparatus (Rs.  40,654 million).



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