Oil import surges by 58% MoM in May: PBS

June 16, 2023 (MLN): The import bill of oil was recorded at $1.41 billion in May 2023, up by 57.91% MoM compared to $891.46 million in April 2023, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.

However, on a yearly basis, the import of petroleum products has declined by 46.8% YoY compared to $2.64bn in May 2022.

Meanwhile, the share of petroleum products in the total import bill of $4.32bn stood at 32.53% in May 2023. It is pertinent to mention that the overall import bill has surged by 44.38% MoM but declined by 35.98% YoY compared to $3bn in April 2023 and $6.76bn in May 2022, respectively.

With regards to the transport sector, the import bill posted an increase of 17.19% MoM but a drop of 78.12% YoY to $73.94m in May 2023 against $63.09m in the previous month, mainly led by an increase in imports of road motor vehicles (build unit, CKD/SKD) that stood at $69.11m compared to $62.67m in the previous month.

The import of medicinal products went up by 18.46% MoM in May 2023 to clock in at $84.24m.

Similarly, the country’s food imports increased by 43.87% MoM, however, declined by 12.19% YoY to $617.38m in May 2023 from $429.16m in April 2023.

Copyright Mettis Link News