Oil imports decline by 60% MoM in July 2022: PBS

August 16, 2022 (MLN): The import bill of oil was recorded at $1.43 billion in July 2022, down by 60.54% MoM compared to $3.63bn in June 2022- the lowest since February 2022, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.

However, on the yearly basis, the import of petroleum products moved up by 8% YoY compared to $1.33bn in May 2022.

Meanwhile, the share of petroleum products in the total import bill of $4.99bn stood at 28.76% in July 2022. It is pertinent to mention that the overall import bill has dropped by 36% MoM and 11% YoY compared to $7.87bn in June 2022 and $5.57bn in July 2022, respectively.

With regards to the transport sector, the import bill posted a drop of 45.31% MoM and 32.89% YoY to $209.48mn in July 2022 against $312.51bn over last year, mainly led by decline in imports of road motor vehicles (build unit, CKD/SKD) that stood at $159.307mn compared to $264.8mn in June 2022 and $258.40 in July 2021.

The import of medicinal products went down by 60.72% YoY and 12.30% MoM in July 2022 to clock in at $91.953mn.

Whereas, the country’s food imports widened by 35% MoM and 17.87% YoY to $763.13mn in July 2022 from $565.15mn in June 2022 and $647.43 over the corresponding period last year to bridge the gap in food production.

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