Petroleum group: Exports drop by 28% MoM, Imports fall by 39% MoM in Mar’20

April 17, 2020 (MLN): In the month of March 2020, export receipts of Petroleum group & coal have been recorded at $24 million, showing a decline of 28% MoM and of 26% YoY. While imports of the same group plunged by around 39% MoM and 33% YoY to value at $668 million in March 2020.

During Jul-March FY20, the overall exports of Petroleum group & coal witnessed a decline of 34% YoY to stand at $238 million against $361 million in the corresponding period of FY19.

On the other hand, the imports of the Petroleum group during 9MFY20 dropped by 16% YoY to clock in at $8.90 billion against $10.61 billion of the corresponding period of the last fiscal year.

According to the latest data issued by the 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 26%YoY and 63% YoY to $152 million and $46 million respectively.

On the import front, the products that contributed to declining Petroleum import bill include Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined by 14%, 27% and 7% YoY respectively. During 9MFY20, $3.96 billion worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $2.45 billion and $2.23 billion respectively.

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