Petroleum group imports witnessed a negative growth of 44.89 percent during the first month (July) of the current fiscal year 2023-24 (FY24) on a year-on-year (YoY) basis and stood at $791.434 million compared to $1.436 billion in July 2022, says the Pakistan Bureau of Statistics (PBS).
The data on exports and imports released by PBS revealed that petroleum group imports in July 2023 stood at $791.434 million compared to $1.632 billion in June and registered a 51.51 percent decline on a month-on-month (MoM) basis.
Petroleum products imports witnessed 51.02 percent negative growth during July 2023 and stood at $356.590 million compared to $728.080 million in July 2022. On a MoM basis, they registered 59.49 percent negative growth compared to $880.250 million in June 2023.
The overall imports during July 2023 were $3.705 billion (provisional) as compared to $4.219 billion in June 2023 showing a decrease of 12.18 percent and by 25.62 percent as compared to $4.981 billion in July 2022.
Pakistan’s trade deficit narrowed by 40.06 percent to $1.637 billion during July 2023 as compared to $2.731 billion during July 2022.
The main commodities of imports during July 2023 were Petroleum products (Rs. 100,204 million), Natural gas, liquified (Rs.95,431 million), Palm oil (Rs. 78,384 million), Plastic Materials (Rs. 57,396 million), Electric machinery & apparatus (Rs.48,773 million), Iron & steel (Rs.41,580 million), Medicinal products (Rs.26,260 million), Iron & steel scrap (Rs.24,697 million), Pulses (leguminous vegetables) (Rs.24,266 million) and Motor cars (CKD/SKD) (Rs.19,841 million).
Good
Well that proves on economics law! There is a relationship between price and demand!!