Pakistan’s machinery group imports slumped to $341 million in March 2023, down over 60 percent from imports of $921 million in the same month of the last fiscal year (FY22), according to data released by Pakistan Bureau of Statistics (PBS).
According to Arif Habib Limited, machinery group imports in March 2023 are the lowest since November 2004.
The machinery group imports witnessed 48.18 percent negative growth during the first nine months of FY23 and stood at $4.494 billion compared to $8.676 billion during the same period of last fiscal year. Power generation machinery registered 67.70 percent negative growth during the first nine months of FY23 and stood at $399.183 million compared to $1.235 billion during the same period of FY22.
The country’s petroleum group imports witnessed a negative growth of 11.66 percent during the first nine months (July-March) of the current fiscal year 2022-23 (FY23) and stood at $13.083 billion compared to $14.810 billion during the same period of FY22.
The petroleum group imports in March 2023 stood at $1.206 billion compared to $1.264 billion in February and registered 35.19 percent negative growth on a year-on-year (YoY) basis compared to $1.861 billion in March 2022.
Petroleum products witnessed 19.91 percent negative growth during the first nine months of FY23 and stood at $5.836 billion compared to $7.287 billion during the same period of FY22.
On MoM basis, the imports stood at $484.024 million in March 2023 compared to $462.706 million in February 2023 and registered 4.61 percent growth. On a YoY basis, petroleum products imports witnessed negative growth of 53 percent when compared to $1.029 million in March 2022.
Petroleum crude imports witnessed a growth of 4.69 percent during the first nine months of FY23 and stood at $3.860 billion compared to $3.686 billion during the same period of FY22. On a MoM basis, petroleum crude imports registered 1.57 percent negative growth and stood at $105.668 million in March 2023 compared to $383.137 million in February 2023. On a YoY basis, petroleum crude imports witnessed a negative growth of 28.85 percent compared to $530.025 million in March 2022.
Agricultural and other chemicals group imports witnessed 36.99 percent negative growth during the first nine months of FY23 and stood at $6.994 billion compared to $11.101 billion during the same period of last fiscal year.
Food group imports witnessed 3.76 percent growth during the period under review and remained at $7.333 billion compared to $7.068 billion during the same period of last fiscal year.
Overall imports
The country’s imports during July-March FY23 stood at $43.934 billion (provisional) against $58.859 billion during the corresponding period of FY22 showing a decrease of 25.36 percent.
The imports in March 2023 were $3.816 billion (provisional) compared to $4.034 billion in February 2023 showing a decrease of 5.40 percent and by 40.44 percent compared to $6.407 billion in March, 2022.
Main commodities of imports during march, 2023 were petroleum products (Rs. 135,625 million), petroleum crude (Rs. 105,668 million), natural gas, liquified (rs.84,442 million), palm oil (Rs. 66,180 million), raw cotton (Rs. 41,737 million), plastic materials (Rs. 40,722 million), medicinal products (Rs. 37,612 million), wheat unmilled (Rs. 34,081 million), iron & steel (Rs. 33,429 million) and electric machinery & apparatus (Rs. 31,529 million).
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