Oil, raw materials behind high import bill: Shaukat Tarin

December 3, 2021 (MLN): Adviser to PM on Finance and Revenue Shaukat Tareen said that $7.8 billion imports in November were mainly on account of raw material and crude oil while addressing a press conference on Friday.

He said, "rise in raw material indicates rising economic activities,”. While adding that most of the import bills were due to a rise in shipments of oil.

There has been a push back in commodity price i.e. coal and crude oil, he said while commenting on the recent decline in prices of inputs ever since the resurgence of Covid-19 through the Omicron variant.

Commodity prices in the international markets have tumbled over the last fortnight as fears of another wave of Covid in the form of Omicron variant have gripped investors.

In addition, he said that edible oil prices are also likely to cool down as new plantation reports arriving in Malaysia and Indonesia.

Commenting on the high medicinal import bill, Tarin said that vaccine imports in November stood at around $400 million. Although these imports appear on the monthly import bill, but they are funded by the Asian Development Bank ADB and World Bank.

Answering press queries during the conference, he said that the benefit of the decline in international crude prices will be passed on to the end consumers.

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