Petroleum import bill drops 19.7% to $15.2bn in FY24

July 20, 2024 (MLN): The import bill of the petroleum group stood at $15.16 billion in fiscal year 2023-24, marking a decrease of 19.7% compared to the import bill of $18.88bn recorded in the previous year, data released by the State Bank of Pakistan (SBP) showed.

The overall import bill during the year inched up by 0.9% YoY to $53.17bn.

The Petroleum Group accounted for the majority of these imports, comprising 28.5% of the total imports.

Meanwhile, the transport sector's imports posted a rise of 28.0% to $1.62bn in FY24, against $1.27bn in FY23.

This increase is attributed to a growth in imports of road motor vehicles that stood at $1.37bn compared to $1.07bn in FY23, depicting a rise of 27.2%.

The second and third-highest import groups during FY24 were Agri. & Other Chemical and Machinery Group, worth $8.94bn and $7.41bn, respectively.

The imports of agricultural and other chemicals increased by 8.4%, while that of Machinery Group rose by 67.1% compared to last year.

The country’s food imports during the year went down by 10.7% to $7.11bn as compared to $7.97bn last year.

Under the group, Tea emerged as the dominant food import and stood at $687.64 million, up 38.8% YoY.

Meanwhile, the import of Palm Oil fell by 20.3% YoY to clock in at $2.68bn during the year.

The import bill associated with the Metal Group clocked at $4.67bn, rising 35.3% YoY.

Moreover, the Textile Group import expenditures stood at $3.89bn during FY24, down 14.8% YoY.

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