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Import bill of POL shrinks by around 25% MoM in January: SBP

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February 25, 2022 (MLN): The import bill of the petroleum group for the month of January 2022 shrank by around 25% MoM to stand at Rs1.1 billion, compared to Rs1.45bn in December 2021. However, on the yearly basis, the import bill of the same group has jumped by 90% YoY against Rs582 million in January 2021, data issued by the State Bank of Pakistan showed on Thursday.

The main products during the month that contributed to declining Petroleum’s import bill were petroleum products, petroleum crude and natural liquefied gas as their imports declined notably by 13.85% MoM, 53% MoM, and 20.34% MoM respectively. Whereas, the products that increased import bill on yearly basis were natural gas, petroleum products and petroleum crude as their imports surged by 199% YoY, 82.86% YoY and 43% YoY, respectively.

Meanwhile, the import of machinery also witnessed a decline of 5% MoM and an increase of 23.5% YoY to $885.28mn during the month under review against the imports of $934.4mn in the previous month and $717.67mn in January 2021.

Under the Machinery group, the major portion of import was associated with telecom machines as it stood at $213mn, observing a decline of 8.18% YoY and 0.13% MoM.

Within the telecom, the imports of mobile phones moved down significantly by 21% MoM to $135.71mn from $171.31mn during December 2021 while on yearly basis, the import of mobile phones depicted a plunge of 29% YoY, compared to Rs190.87mn in January 2021.

Similarly, the import bill of the agriculture and chemical group which comprises manufactured fertilizer, insecticides, plastic material, medicinal products, and other agricultural and chemical products, witnessed a decline of 6% MoM to clock in at Rs873mn in January 2022, compared to Rs929mn in December 2021. However, on yearly basis, the import bill of the same group saw an increase of 28% YoY against Rs678.19mn in January 2021.

In addition, the food group including, palm oil, tea, pulses, sugar, and wheat also dropped to Rs744.4mn in January 2022, down by 8.7% MoM, compared to Rs815.3mn in December 2021. On the other hand, the import bill of the same group inched up by 5.6% YoY against the bill of Rs705mn in January 2021.

Under the same group, the imports of wheat witnessed a decline of 99.2% MoM and 99.7% YoY to stand at Rs311mn during the review period. Similarly, the import of sugar has also plunged by 53.6% MoM and 92% YoY to clock in at Rs272mn in January 2022.

The imports of other products such as textile and metals decreased by 12.46% MoM, 22.23% MoM respectively while the transport group’s imports witnessed a meagre increase of 0.56% MoM during January 2022.

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Posted on: 2022-02-25T11:52:52+05:00

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