November 19, 2018 (MLN): Imports during October 2018 increased noticeably after declining consecutively, for the last two months.
During the month, import demand grew by 9.3% over the previous month, its value logging in at $4.8 billion. This increase completely offset the improved exports during the month, resulting in a worsened trade deficit, as compared to September 2018.
The chief commodities traded in during October included petroleum products, petroleum crude, iron and steel, natural gas liquefied, plastic materials, electrical machinery and apparatus, palm oil, iron and steel scrap, medicinal products and manufactured fertilizer.
Among these, the highest jump in import was recorded for crude petroleum and iron & steel.
Economic expert Mr. Farhan Mehmood identified the increments associated to iron & steel, to be a result of economic readjustment at present. He said that the previous quarter experienced an overall slowdown due to festivities such as Eid, because of which imports of such items remained lesser in comparison.
