July 24, 2021 (MLN): The import bill of petroleum products during the month of June’21 stood at $1.47billion, surged by 2.4x YoY while on MoM basis, the import of the same group jumped by 24.60%.
The restoration of economic activities after easing the lockdown restrictions is keep pushing up the demand for the group of petroleum products and inflated the import bill.
Consequently, petroleum crude remained the major contributor to soaring import bill by 2.8x YoY while on MoM it showed an increase of 20.64% in June’21, as per data reported by Pakistan Bureau of Statistics.
Likewise, the import of Natural Liquefied Gas stood at $314.3mn, depicting a surge of 13.65% MoM and 89.83% YoY corresponding to the same period last year.
In the same way, Petroleum products and petroleum gas, liquefied continued to be the significant contributors with an import bill of $728.63mn and $50mn, respectively.
The import of petroleum products increased by twofold in June’21 corresponding to June’20 whereas, on MoM basis, the same commodity witnessed a surge of 28.79%. Also, the import of petroleum gas, liquefied surged by 5.7x YoY in June’21 while on MoM basis, the same has inflated by twofold.
The petroleum group contributed 20.13% of the total imports during FY21 which clocked in at $11.36billion against $10.41bn of the corresponding period of FY20, showing an up of 9% on YoY basis when compared to the same period last year.
On the export side, During FY21, Petroleum group & coal witnessed a fall of 33.28% YoY to stand at $182.3mn against $273.22mn in FY20.
Commodity-wise, the main exportable product was petroleum products EXCL Top stood at $10mn, depicting a surge by 2.5x on MoM basis. While on YoY basis, the export value of the same commodity jumped by 19.5x compared to June’20.
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