Pakistan’s Oil Import Bill Continues Record-Breaking Run

Pakistan’s petroleum group imports increased by 95.84 percent to a record high of $17.033 billion in July-April 2021-22 compared to $8.697 billion during the same period of the last fiscal year, says Pakistan Bureau of Statistics (PBS).

The exports and imports data released by the PBS revealed that the petroleum group registered 19.44 percent growth in April 2022 and remained at $2.223 billion when compared to $1.861 billion in March 2022 and registered 94.38 percent growth on a year-on-year basis in April 2022 when compared to $1.143 billion during the same month of last year.

Construction and mining machinery imports witnessed a growth of 33.19 percent during July-April 2021-22 and remained at $151.852 million compared to $114.012 million during July-April 2020-21.

The country’s imports during July-April (2021-22) totaled $65.537 billion as against $44.731 billion during the corresponding period of last year showing an increase of 46.51 percent,

PBS revealed that the imports in April were $6.679 billion as compared to $6.407 billion in March 2022 showing an increase of 4.25 percent and by 27.41 percent as compared to $5.242 billion in April 2021.

The country’s trade deficit widened by 64.90 percent from $23.826 billion in July-April 2020-21 to $39.290 billion in July-April 2021-22.

Main commodities of imports during April, 2022 were petroleum products (Rs. 232,765 million), petroleum crude (Rs.98,427 million), natural gas liquified (Rs. 71,072 million), palm oil (Rs. 67,840 million), plastic materials (Rs. 51,678 million), mobile phone (Rs.39,460 million), raw cotton (Rs.38,533 million), iron & steel (Rs.35,157 million), iron & steel scrap (Rs.32,751 million) and electrical machinery & apparatus (Rs.28,572 million).