Pakistan’s Oil Import Bill Breaks Another Record

Petroleum group imports witnessed an increase of 96.09 percent growth as they reached $14.812 billion in July-March 2021-22, which is the highest ever.

Pakistan’s petroleum group imports stood at $7.553 billion during the same period of the last fiscal year, says Pakistan Bureau of Statistics (PBS).

Highest ever oil import bill for the 9MFY22 amid 73% YoY jump in Arab Light prices along with 14% YoY volumetric growth.

Mar’22: $ 1.9bn, +68% YoY, +49% MoM
9MFY22: $ 14.8bn, +96% YoY@StateBank_Pak#PBS #Oil #Imports #LNG #Economy #AHL pic.twitter.com/AqNfkX06lm

— Arif Habib Limited (@ArifHabibLtd) April 16, 2022

The exports and imports data released by the PBS revealed that petroleum products import registered 48.83 percent growth in March 2022 and remained $1.864 billion when compared to $1.252 billion in February 2022 and registered 68.19 percent growth on a year-on-year basis in March 2022 when compared to $1.108 billion during the same month of last year.

The country’s imports during July-March 2021-22 stood at $58.877 billion (provisional) as against $39.489 billion during the corresponding period of last year showing an increase of 49.10 percent, says Pakistan Bureau of Statistics (PBS).

The imports in March 2022 were $6.425 billion (provisional) as compared to $5.853 billion in February 2022 showing an increase of 9.77 percent and increased by 14.10 percent as compared to $5.631 billion in March 2021.

Highest-ever textile exports

The country’s textile group exports witnessed 25.43 percent growth during the first nine months (July-March) of the current fiscal year and stood at $14.242 billion, the highest ever export figure during the period under review. The textile group exports stood at $11.355 billion during the same period of the last fiscal year.

The textile group exports decreased by 3.51 percent on a month-on-month basis and remained at $1.625 billion in March 2022 compared to $1.684 billion in February 2022.

The country’s overall exports during March 2022 were $2.782 billion (provisional) as compared to $2.834 billion in February 2022 and showing a decrease of 1.83 percent but increased by 17.68 percent as compared to $2.364 billion in March 2021.

On a year-on-year basis, textile group exports witnessed 19.9 percent growth in March 2022, when compared to $1.355 billion in March 2021.

Cotton yarn exports registered a growth of 25.97 percent during July-March 2021-22 and remained at $908.487 million compared to $721.216 million during the same period of last year, and decreased by 19.33 percent in March 2022 and remained $92.385 million when compared to $ 114.524 million during the same month of last year.

Construction and mining machinery imports witnessed a growth of 32.40 percent during July-March 2021-22 and remained at $138.501 million compared to $104.605 million during July-March 2020-21.

The country’s exports during July-March 2021-22 stood at $23.255 billion (provisional) against $18.687 billion during the corresponding period of last year showing an increase of 24.98 percent.

Trade deficit

The country’s trade deficit widened by 70.76 percent from $20.802 billion in July-March 2020-21 to $35.522 billion in July-March 2021-22.

The main commodities of exports during March 2022 were knitwear (Rs. 76,350 million), readymade garments (Rs. 61,937 million), bed wear (Rs. 46,869 million), cotton cloth (Rs. 37,732 million), rice others (Rs. 33,981 million), cotton yarn (Rs. 16,594 million) and petroleum products (Rs. 8,148 million).

The main commodities of imports during March 2002 were petroleum products (Rs. 18,5419 million), petroleum crude (Rs. 95,202 million), plastic material (Rs. 59,200 million), palm oil (Rs. 52,183 million), mobile phones (Rs. 33,031 million) and electrical machinery (Rs. 30,890 million).