Imports of Petroleum products dip by 16.5% YoY in 1QFY2

October 22, 2019 (MLN): The overall imports of Petroleum group during 1QFY20 witnessed 16.5% decline as compared to the corresponding period of the last year.

During the period under review, the total imports of petroleum group stood at $3.15 billion against imports of $3.78 billion in Jul-Spet 2018, according to latest data issued by Pakistan Bureau of Statistics (PBS).

The products that contributed to the deflating Petroleum import bill included, Petroleum Products and Petroleum Crude. The imports of these products dropped by 17.25% and 32.5% as $ 1.3 billion and $ 811 million were spent on the purchase of the commodities from international markets in first three months of FY20 respectively, as compared to spending of $1.59 billion and $1.2 billion spent during the same period of the previous year.

Meanwhile, the imports of liquefied natural gas and liquefied petroleum gas witnessed an increase of 2.8% and 29.4% to $965.5 million and $60.8 million respectively.

On the other hand, the overall exports of Petroleum group during the period under review decreased sharply by 57.2% as it declined to $62.2 million from $145.8 million recorded during July-Sept 2018.

The commodities which recorded negative growth in their exports during the period include Petroleum Crude, Petroleum products (excluding Top Naphta) and Petroleum Top Naphta, as their exports declined considerably by 50.8%,  79% and 36% respectively to arrive at $37.5 million, $9.6 million and $ 15 million.

In the month of September alone, the imports of Petroleum products witnessed a jump of 12.9% MoM and 0.7% YoY. Whereas, its exports declined significantly by 69% MoM to $6.8 million and 72% YoY to $ 13.5 million.

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