Petroleum exports suffer a considerable decline following an energy shift on international level
MG News | December 20, 2018 at 01:07 PM GMT+05:00
December 20, 2018 (MLN): Official data on exports released by Pakistan Bureau of Statistics (PBS) shows that petroleum exports in November have suffered a noticeable decline compared to last year.
The export of petroleum and coal products witnessed a decrease of 23.51 percent to $29.17 million in November 2018 as compared to the exports of $38.133 million, last year.
Petroleum crude was not exported in November, while last year the export figure stood at $19.7 million.
A plausible reason behind this may well be due to an energy shift on international level, following a drop in demand for crude oil as people have begun substituting it for better, processed alternatives, which Pakistan does not produce.
Unfortunately, Pakistan’s expertise lays in crude oil production only, whose demand has reduced significantly. Due to this, petroleum exports from Pakistan has declined this year.
In line with the aforementioned statement, export of petroleum products increased by 8.4 percent to $19.9 million during the months from $104.45 million in same month of last year.
This year, the exports of Petroleum top naphta were recorded at $9.18 million.
During the first five months of current fiscal year, the export of petroleum group and coal products surged by 60.84 percent to $216.723 million against same period of the previous year's exports worth of $134.742 million.
According to PBS, petroleum crude's exports increased by 97.39 percent to $104.162 million in July-November (2018-19) as compared to the exports of $52.77 million during same period of previous year.
Similarly the export of petroleum products, also witnessed growth of 27.8 percent as it went up from $58.68 million in July-November (2017-18) to $74.998 million in the corresponding period of current year.
Export of petroleum top naphta surged to $37.56 million from $23.288 million in the period under review last year thus showing an increase of 61.3 percent.
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