Pakistan’s petroleum group imports witnessed a negative growth of 9.27 percent during the first seven months (July-January) of the current fiscal year 2022-23 (FY23) and stood at $10.611 billion compared to $11.696 billion during the same period of last fiscal year, says Pakistan Bureau of Statistics (PBS).
The data of exports and imports released by the PBS revealed that petroleum group imports decreased by 16.34 percent on a month-on-month (MoM) basis in January 2023 and stood at $1.326 billion compared to $1.585 billion in December and decreased by 12.42 percent on a year-on-year (YoY) basis compared to $1.514 billion in January 2022.
Petroleum products witnessed 14.74 percent negative growth during the first seven months of FY23 and stood at $4.889 billion compared to $5.734 billion during the same period of the last fiscal year.
On MoM basis, they stood at $687.615 million in January 2023 compared to $649.862 million in December 2022 and registered 5.81 percent growth. On a YoY basis, petroleum products imports witnessed a growth of 1.47 percent compared to $677.684 million in January 2022.
Petroleum crude imports witnessed a growth of 10.90 percent during the first seven months of FY23 and stood at $3.1 billion compared to $2.795 billion during the same period of last year. On a MoM basis, petroleum crude imports registered 35.51 percent negative growth and stood at $324.294 million in January 2023 compared to $502.858 million in December 2022. On a YoY basis, petroleum crude imports witnessed a negative growth of 15.83 percent compared to $385.280 million in January 2022.
Natural gas (liquefied) imports witnessed a negative growth of 20.84 percent during the first seven months of the current fiscal year and stood at at $2.192 billion compared to $2.769 billion during the same period of last fiscal year.
Agricultural imports
Agricultural and other chemicals group imports witnessed 35.45 percent negative growth during the first seven months of the current fiscal year and stood at at $5.826 billion compared to $9.025 billion during the same period of last fiscal year.
Machinery imports
Machinery group imports witnessed 45.15 percent negative growth during the first seven months of the current fiscal year and stood at $3.734 billion compared to $6.809 billion during the same period of last fiscal year. Power generation machinery registered 69.26 percent negative growth during the first seven of the current fiscal year and stood at $332.225 million compared to $1.080 billion during the same period of the last fiscal year.
Transport imports
Transport group imports witnessed 50.61 percent negative growth during the first seven months of the current fiscal year and stood at $1.3 billion compared to $2.642 billion during the same period of last fiscal year.
Food imports
Food group imports witnessed 6.29 percent growth during the period under review and stood at $5.983 billion compared to $5.629 billion during the same period of last fiscal year.
Overall imports
The country’s imports during July-January FY23 stood at $36.093 billion (provisional) against $46.598 billion during the corresponding period of last year, showing a decrease of 22.54 percent.
The imports in January 2023 stood at $4.875 billion (provisional) compared to $5.154 billion in December 2022, showing a decrease of 5.41 percent. The January 2023 imports were also down 19.23 percent compared to $6.036 billion in January 2022.
Trade deficit
Pakistan’s trade deficit narrowed by 32.10 percent during the first seven months of FY23 and stood at $19.594 billion compared to $28.859 billion during the same period of last fiscal year.
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