Petroleum Group: Exports decline by 46.45% YoY, Imports down by 8.73% YoY in Dec 2019

January 20, 2020 (MLN): The overall exports of petroleum group & coal have witnessed a decline of 46.45% YoY to stand at $28.26 million in December 2019 against $52.78 million of December 2018.

During 1HFY20, the exports of the petroleum group & coal plunged by 37.66% YoY to value at $168 million against $269 million of the corresponding period of last fiscal year, as per the latest data issued by the Pakistan Bureau of Statistics.

Similarly, the imports of petroleum group were recorded at $1.03 billion in December 2019, showing a decline of 8.73%YoY versus $1.13 billion in December 2018.

The data from PBS revealed that imports of petroleum stood at $6.14 billion, depicting a decline of 19.87% YoY during 1HFY20.

On the exports front, within the petroleum group, the main exportable products are petroleum crude and petroleum top naphtha. The exports of petroleum crude and petroleum products showed a massive decline by 24%YoY and 72% YoY during 1HFY20.

On a monthly basis, the export receipts for Petroleum group deteriorated by 31.17% MoM.

On the imports front, the products that contributed in declining Petroleum import bill include, Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined considerably by 24%, 27% and 5% YoY respectively during 1HFY20

Similarly, during December alone, the import payments for Petroleum group deteriorated by 11% MoM.

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