Import bill of POL inflates by 2.3x YoY in August’21: PBS

September 17, 2021 (MLN): The import bill of petroleum products during the month of August’21 stood at $1.76billion, depicting a colossal surge of 2.3x YoY while on MoM basis, the import of the same group surge by 32%, compared to the same period last year.

The group contributed 26.6% to the total imports during the month.

As per the data released by Pakistan Bureau of Statistics (PBS), petroleum products remained the major contributor, inflating the import bill by 2.45x YoY while on MoM basis, the upsurge is limited to 38% to clock in Rs892million.

In addition, the import bill of petroleum crude stood at Rs442.46mn in August’21, showing an upsurge of 84% YoY, while on MoM basis, the same commodity witnessed an increase of 17.55% in import bill.

Likewise, the import of Natural Liquefied Gas stood at $380mn, depicting a twofold increase on yearly basis. The import bill of the same commodity jumped up by 40% on the monthly basis.

During the month, the export of Petroleum group & coal plummeted by 92% YoY to stand at $1.8mn. Similarly, on monthly basis, the export has dropped by 94%.

Commodity-wise, the main exportable product was petroleum products (EXCL Top Naphta) which stood at $1.7mn, depicting a rise of 47% YoY, while on MoM basis, the export value of the same commodity jumped by 57.38%.

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