Pakistan imports up 4.6% YoY to $5.7bn in May

June 17, 2026 (MLN): Pakistan's import payments through banks rose to $5.71 billion in May 2026 (provisional), up 4.6% from $5.46bn in May 2025, according to data released by the State Bank of Pakistan.

On a two-year basis, imports have climbed nearly 12%, showing a broad-based recovery in economic activity. Total imports as per the Balance of Payments stood at $5.69bn, up 3.4% year-on-year.

The single biggest driver of the monthly surge was Mineral Products, which includes petroleum, crude oil, and fuel the largest import category. It skyrocketed 57% year-on-year to $1.94bn, compared to $1.24bn in May 2025.

Mineral fuels alone accounted for $1.91bn of this, showing either a buildup in strategic energy reserves or a sharp rise in seasonal energy demand ahead of the summer peak.

Vehicles and transport equipment recorded strong growth of 14.3%, reaching $364 million, buoyed by robust demand in the automobile sector.

Plastics and rubber imports rose 10.1% to $304m, while pharmaceutical products grew 9.4% to $44m, showing continued industrial and healthcare sector expansion.

On the downside, textile raw material imports fell sharply. Cotton imports plunged 41.4% to $196m, and overall textiles dropped 20% to $436m likely showing destocking as mills work through earlier inventory.

Fats and oils declined 38.4% to $211m, while base metals fell 15.9% to $401m. Fertilizer imports collapsed 79.7% to just $13m, compared to $64m a year ago, raising some concern about agricultural input availability ahead of the Kharif season.

Machinery imports edged down 6.1% to $870m, though they remain elevated in absolute terms, suggesting steady but moderating capital investment.

Overall, the May 2026 data paints a mixed picture strong energy and consumer spending driving imports higher, while the contraction in textile inputs and fertilizers warrants close monitoring for its downstream impact on exports and food production.

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