September 16, 2022 (MLN): The import bill of oil is recorded at $1.87billion in the month of August 22 soaring by 23.03% compared to $1.44bn on July 22, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.
An increase of 23.03% in the petroleum group is due to an increase in POL imports of $0.93bn up by 21.75% on August 22 compared to $0.73bn on July 22. However, oil imports surged yearly by 5.85% compared to $1.76bn on August 21.
Meanwhile, the share of petroleum products in the total import bill of $6.07bn stood at 30.74% on August 22, it is important to note that the overall import bill is up by 17.75% MoM and 15.23% YoY compared to $5.57bn on July 22 and $6.58 on August 22, respectively.
With regards to the Agricultural and other chemical groups, the import bill soared by 10.20% MoM and 26.49% YoY to $0.90bn on August 22 compared to 1.22bn last year, current flood condition in Pakistan destroyed the agricultural sector in the country, it is expected that to fulfill the demand of agricultural and chemical product import will increase in next months.
Import bill of Transport group again shows a decline of 40.48% YoY to $0.21bn on August 22 against $0.36bn on August 21, on monthly basis up by 0.96% to $0.21bn on August 22 against $0.21bn on July 22, the reason behind the decline in import of transport group is a government-imposed ban on these items to save the reserves.
The food group import bill is up by 25.21% MoM and 19.04% YoY, to $1.02bn on August 22 against $0.76bn on July 22, and the share of palm oil in food imports is 28.20%, MoM.
