Import bill of POL slides 24% MoM in June: SBP

July 19, 2023 (MLN): The import bill of the petroleum group for the month of June 2023 declined by 24.34% MoM to stand at $939.55 million, compared to $1.24 billion in May 2023, data issued by the State Bank of Pakistan showed on Tuesday.

Cumulatively, the import bill of petroleum clocked in at $17.54bn in 12MFY23.

Within the group, the import of petroleum products dropped by 38.96% MoM to stand at $315.93m in June 2023, compared to $517.5m in the previous month.

Similarly, petroleum crude and natural liquefied gas witnessed a decrease in imports, diminishing by 7% MoM and 18.82% MoM respectively to clock in at $320.59m and $290.4m, respectively.

Meanwhile, the import of machinery also witnessed a decline of 12.21% MoM to $259.4m during the month under review against the imports of $295.4m in the previous month.

Under the Machinery group, the major portion of import was associated with Electrical Machinery & Apparatus as it stood at $69.4m, observing a decline of 18.65% MoM.

The second major portion of import was associated with the telecom as it stood at $47.75m, witnessing an increase of 25.97% MoM.

Within the imports of the telecom group, mobile phones moved up to $978,000 as against no imports in the previous month, while the imports of other Apparatus in this group rose by 23.39% MoM to $46.77m.

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 3.44% MoM to clock in at $597.24m in June 2023, compared to $628.5m in the previous month.

In addition, the food group including, palm oil, tea, pulses, sugar, and wheat also dropped to $433.46m in June 2023, down by 26.13% MoM, compared to Rs586.75m in May 2023.

Under the same group, the imports of wheat witnessed a decline of 100% MoM during the review period. In addition, the import of sugar fell by 16.14% MoM to clock in at $474,000 in the review month.

The imports of other products such as textile and metals decreased by 16.9% MoM, and 5.71% MoM respectively. Similarly, the transport group’s imports shrank by 30.67% MoM in June 2023.

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