Import bill of Machinery group falls by 33% MoM in Oct’20

November 19, 2020 (MLN): The import bill of the Machinery group shrank by around 33% MoM and 32% YoY to clock in at $524 million in the month of October 2020.

According to the data issued by the Pakistan Bureau of Statistics (PBS), the major portion of import was associated with Telecom in terms of value, showing a decline of 55% MoM and 38% YoY to stand at $99 million during October. This was followed by the imports of Electrical Machinery& Apparatus which was recorded at $89 million, causing to decline in the import bill as its import plunged by 25% MoM and 45% YoY in Oct’20.

The imports of Mobile Phones under the head of Telecom, witnessed a considerable 66% MoM and 46% YoY decline to $63 million during the month under review.

Furthermore, the other items in the Machinery group such as Power Generating Machines, Office Machines and Construction and Mining Machineries have a major contribution in declining the group’s import bill during Oct’20 as their imports declined by 55.5%, 8% and 48%, MoM, respectively.

During July-Oct FY21, the imports of the machinery group fell by 6% YoY to $2.63 billion. The biggest contributor to the import bill, in terms of value, is Telecom, which showed a significant surge of 29% to $689 million. Within Telecom, the imports of Mobile Phones jumped significantly by 43.6% YoY to $556 million during 4MFY21.

Copyright Mettis Link News

Posted on: 2020-11-19T16:30:00+05:00

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