Import bill of POL slides 51.51% MoM in July: PBS

August 19, 2023 (MLN): The import bill of the petroleum group was recorded at $791.43 million in July 2023 plunging by 44.89% YoY and by 51.51% MoM, data released by the Pakistan Bureau of Statistics (PBS) showed.

As per the data, the import bill of oil in the previous month stood at $1.63 billion, and 1.44bn in June 2022.

Meanwhile, the share of petroleum products in the total import bill of $3.71bn stood at 21.36% in July 2023. It is pertinent to mention that the overall import bill has dropped by 12.19% MoM and 25.62% YoY compared to $4.22bn in June 2023 and $4.98bn in July 2022, respectively.

With regards to the transport sector, the import bill posted a rise of 62.18% MoM and a significant 32.18% YoY to $140.18m in July 2023 and against $206.70m in July 2022, mainly led by a rise in imports of road motor vehicles (build unit, CKD/SKD) that stood at $124.36m compared to $79.41m in June 2023 and $158.96m in July 2022.

The import of agricultural and other chemicals went down by 10.78% YoY, but on a monthly basis, rose by 2.95% MoM in July 2032 to clock in at $718.80m.

Whereas, the country’s food imports rose by 12.23% MoM and fell 18.13% YoY to $624.80m in July 2023 as compared to $556.73m in June 2023 and $763.13m over the corresponding period last year.

Under the group, the imports of palm oil witnessed an increase of 11.92% MoM during the review period. In addition, the import of pulses rose by 47.57% MoM to clock in at $86.36m in the review month.

Meanwhile, the import of machinery witnessed an increase of 20.34% MoM to $493.46m during the month under review against the imports of $410.07m in the previous month.

Under the Machinery group, the major portion of import was associated with Electrical Machinery & Apparatus as it stood at $173.56m, observing an increase of 47.72% MoM.

The import associated with the metal group stood at $327.01m, witnessing an increase of 7.40% MoM, mainly due to a significant increase in the import of iron and steel crap of 45.08% MoM to clock in at $87.89m in July 2023.

The imports of textile products increased by 18.61% MoM, while it fell by 20.86% YoY to $244.77m in July.

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