The petroleum group imports witnessed an increase of 100.78 percent, as it reached $12.941 billion in July-February 2021-22, which is the highest ever.
Pakistan had imported $6.445 billion during the same period of the last fiscal year, says the Pakistan Bureau of Statistics (PBS).
Highest ever oil import bill for the 8MFY22 amid 67% YoY jump in Arab Light prices along with 14% YoY volumetric growth.
Feb’22: $ 1.2bn, +55% YoY, -18% MoM
8MFY22: $ 12.9bn, +101% YoY@StateBank_Pak @Hammad_Azhar @MuzzammilAslam3#PBS #Oil #Imports #LNG #Economy #AHL pic.twitter.com/xWUIFthrSq— Arif Habib Limited (@ArifHabibLtd) March 15, 2022
The exports and imports data released by the PBS revealed that the petroleum group registered 17.74 percent decline in February 2022 and remained $1.245 billion when compared to $1.514 billion in January 2022; however, registered 54.74 percent growth on a year-on-year basis in February 2022 when compared to $804.85 million during the same month of last year.
The country’s textile group exports witnessed 26.08 percent growth during the first eight months (July-February) of the current fiscal year and remained $12.607 billion compared to $9.99 billion during the same period of the last fiscal year. The textile group exports increased by 7.92 percent on a month-on-month basis and remained at $1.674 billion in February 2022 compared to $1.55 billion in January 2022.
The country’s overall exports in February 2022 were $ 2.820 billion (provisional) as compared to $2.614 billion in January 2022 and showing a decrease of 7.88 percent and by 36.6 percent as compared to $2.068 billion in February 2021.
On a year-on-year basis, textile group exports witnessed 35.5 percent growth in February 2022, when compared to $1.234 billion in February 2021.
Cotton yarn exports registered a growth of 34.4 percent during July-February 2021-22 and remained at $1.584 billion compared to $1.235 billion during the same period of last year, and increased by 6.03 percent in February 2022 and remained $127.28 million when compared to $120.26 million during the same month of last year.
Construction and mining machinery imports witnessed a growth of 59.27 percent during July-February 2021-22 and remained at $122.69 million compared to $77.036 million during July-February 2020-21.
The country’s exports during July-February 2021-22 totaled $20.559 billion (provisional) against $16.323 billion during the corresponding period of last year showing an increase of 25.95 percent. The country’s imports during July-February 2021-22 totaled $52.505 billion (provisional) as against $33.858 billion during the corresponding period of last year showing an increase of 55.07 percent.
The imports in February 2022 were $5.907 billion (provisional) as compared to $6.036 billion in January 2022 showing a decrease of 2.14 percent but increased by 28.39 percent as compared to $4.601 billion in February 2021.
The country’s trade deficit widened by 82.2 percent from $17.735 billion in July-February 2020-21 to $31.946 billion in July-February 2021-22.
Main commodities of exports during February 2022 were knitwear (Rs. 73,131 million), readymade garments (Rs. 62,500 million), bed wear (Rs. 46,308 million), cotton cloth (Rs. 41,308 million), rice others (Rs. 31,688 million), towels (Rs. 17,782 million), cotton yarn (Rs. 22,505 million) and rice basmati (Rs. 12,309 million). Main commodities of imports during February 2022 were petroleum products (Rs. 91,858 million), petroleum crude (Rs. 63,486 million), natural gas liquefied (Rs. 54,523 million), medicinal products (Rs. 44,091 million), palm oil (Rs. 54,358 million), plastic materials (Rs. 44,855 million), iron and steel scrap (Rs. 37,606 million), mobile phones (Rs. 24,921 million).
