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Petroleum Group: Exports dip by 34.7%, imports plunge by 14.4%

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March 17, 2020 (MLN): The overall exports of Petroleum group & coal have witnessed a decline of 34.77% YoY to stand at $214 million in Jul-Feb FY20 against $328 million in the corresponding period of FY19.

During 8MFY20, the imports of the Petroleum group plunged by 14.4% YoY to value at $8.2 billion against $9.6 billion of the corresponding period of last fiscal year.

According to the latest data issued by Pakistan Bureau of Statistics (PBS), the main exportable products during the period were petroleum crude and petroleum top naphtha. The exports of petroleum crude and petroleum products showed a notable decline by 28%YoY and 62% YoY to $132.7 million and $43 million respectively.

On the other hand, the products that contributed in declining Petroleum import bill include, Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined by 13.5%, 23.7% and 6% YoY respectively. During 8MFY20, $3.64 billion worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $2.3 billion and $2 billion respectively.

In the month of February alone, the export receipts for Petroleum group surged by a whopping 200.3% MoM and 23.22 % Y0Y to $34.5 million. Similarly, the import bill for the same group mounted by 11.2% MoM and 18.2% YoY to $1.1 billion.

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Posted on: 2020-03-17T17:25:00+05:00

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