Oil imports soar by 2x YoY, hit record high at $23.31bn in FY22

July 20, 2022 (MLN): The import bill of oil was recorded at $3.69 billion in June 2022, 2.46x higher than June 2021, touching a historic high of $23.31bn, up by 2x YoY FY22 amid 71% YoY jump in Arab Light prices along with 19% YoY volumetric growth, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.

On a sequential basis, the import of petroleum products increased by 37.54% compared to $2.64bn in May 2022. Meanwhile, the share of petroleum products in the total import bill of $7.87bn stood at 46.18% in June 2022.

With regards to the transport sector, the import bill posted a growth of 49.21% YoY to $4.45bn in FY22 against $2.98bn over last year, mainly led by massive imports of road motor vehicles (build unit, CKD/SKD) worth $3.68bn. In the same period last year, the country imported $2.45bn worth of road motor vehicles.

In the month of June alone, the sector imported worth $383mn vehicles, observing an increase of 5.55% YoY and 12% MoM.

The import of medicinal products went down by 57.03% YoY in June 2022 to clock in at $104.8mn. However, on a sequential basis, the import bill of the same commodity has surged by 18.3% MoM. Similarly, in FY22, the medicinal import bill rose to a huge $4bn, up by 3x YoY compared to $1.4bn in FY21.

The country’s food imports widened by 8% YoY to $9bn in FY22 from $8.3bn over the corresponding period last year to bridge the gap in food production. However, in June 2022, the food import bill inched down by 29.16% YoY and 19.63% MoM to clock in at $565.15mn.

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