Oil imports hit record high at $17bn in 10MFY22

May 16, 2022 (MLN): The import bill of oil was recorded at $2.22 billion during April 2022, depicting an upsurge of 94.38% YoY and 19.44% MoM,

Cumulatively, it touched a historic high of $17bn, up by around 96% YoY during the July-April FY22 amid a 72% YoY jump in Arab Light prices along with a 28% YoY volumetric growth, data released by the Pakistan Bureau of Statistics (PBS) showed on Sunday.

With regards to the transport sector, the import bill posted a growth of 60% YoY to $3.73bn during 10MFY22 against $2.33bn over last year, mainly led by massive imports of road motor vehicles (build unit, CKD/SKD) worth $3.1bn. In the same period last year, the country imported $1.94bn worth of road motor vehicles.

In the month of April alone, the sector imported worth $366.5mn vehicles, observing an increase of 13.62% YoY whereas, on monthly basis, it showed a drop of 13.33% MoM in the import bill.

The import of medicinal products went down by 12.52% YoY while on an MoM basis it has soared by 62% to $136.38mn in April 2022. However, during 10MFY22, the medicinal import bill rose to a huge $3.86bn, up by 4x YoY from $990mn a year ago.

The country’s food imports widened by 12.30% YoY to $7.7bn in 10MFY22 from $6.9bn over the corresponding period last year to bridge the gap in food production. In April 2022, the food import bill declined by 12.61% YoY while, on a MoM basis, it has increased by 6.8% MoM to $679.86mn.

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