June 20, 2023 (MLN): The import bill of the petroleum group for the month of May 2023 declined by 10.37% YoY to stand at $1.24 billion, data issued by the State Bank of Pakistan showed.

While on a monthly basis, the import bill of the same group also moved down by 3.28% MoM, compared to $1.28bn in April 2023 and $1.24bn in May 2023, respectively.

Cumulatively, the import bill of petroleum clocked in at $16.60bn in 11MFY23, marking an increase of 4.73% compared to $15.85bn in 10MFY22.

Within the group, the import of petroleum products dropped by 27.87% MoM to stand at $517.5 million in May 2023 and by 47.32% YoY compared to the same period last year.

Meanwhile, petroleum crude and natural liquefied gas clocked in at $344.71m and $357.75m, respectively. This marks a rise of 52% MoM in petroleum crude and a 9.91% YoY in natural liquefied gas.

Meanwhile, the import of machinery also witnessed a decline of 3.29% MoM and a substantial decline of 63.06% YoY to $295.74m during the month under review and $4.17bn in 11MFY23.

Under the Machinery group, the major portion of import was associated with telecom machines as it stood at $37.89m in the month of May, observing a decline of 41.98% MoM while on a yearly basis, the same import of the same group fell significantly by 80.65% YoY.

Within the telecom, the imports of mobile phones shed to 0, as there were high import restrictions.

Meanwhile, 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 rise of 33.38% MoM to clock in at $616.49m in May 2023, compared to $462.19 m in April 2023, on a yearly basis, the import bill of the same group saw a decline of 21.44% YoY in 11MFY23.

Moreover, the food group including, palm oil, tea, pulses, sugar, and wheat marked a meager increase of 5.64% MoM to $585.62m in May 2023, compared to $554.37m in April 2023. However, the import bill of the same group declined by 0.59% YoY in 11MFY23.

Under the same group, the imports of wheat witnessed a massive decline of 82.80% MoM to stand at $18.87m in May and $958.44m in 11MFY23. However, the import of sugar rose 2x MoM in May 2023 and 85.57% YoY to clock in at $4.83m in 11MFY23.

The imports of other products such as textiles and metals increased by 8.81% MoM, and 27% MoM respectively. Meanwhile, the transport group’s imports fell by 7.95% MoM in May 2023.

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Posted on: 2023-06-20T12:47:22+05:00