[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Imports within the petroleum group observed a decline of 44.89 percent during the initial month (July) of the current fiscal year 2023-24 (FY24), compared to the same period in the previous year. This information was provided by the Pakistan Bureau of Statistics (PBS), which reported that these imports amounted to $791.434 million, in contrast to the $1.436 billion recorded in July 2022.
The data pertaining to exports and imports, released by PBS, indicated that petroleum group imports for July 2023 totaled $791.434 million. This figure marked a significant decrease from the $1.632 billion observed in June 2023, resulting in a decline of 51.51 percent on a month-on-month (MoM) basis.
Specifically, imports of petroleum products exhibited a negative growth of 51.02 percent during July 2023, with a value of $356.590 million. This was notably lower than the $728.080 million recorded in July 2022. On a MoM basis, the negative growth was even more pronounced at 59.49 percent, compared to the $880.250 million in June 2023.
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In terms of overall imports, July 2023 saw a provisional value of $3.705 billion, indicating a 12.18 percent decrease from the $4.219 billion recorded in June 2023, and a 25.62 percent decrease from the $4.981 billion observed in July 2022.
Pakistan’s trade deficit witnessed a substantial reduction of 40.06 percent in July 2023, amounting to $1.637 billion, in comparison to the $2.731 billion figure in July 2022.
The key imported commodities during July 2023 included Petroleum products (Rs. 100,204 million), Liquefied natural gas (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).[/vc_column_text][/vc_column][/vc_row]
