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Petroleum import bill drops by 8.9% YoY to $1.26bn in April: SBP

Petroleum import bill drops by 8.9% YoY to $1.26bn in April: SBP
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May 17, 2024 (MLN): The import bill of the petroleum group declined to $1.26 billion in April 2024, marking a decrease of 8.87% YoY compared to the import bill of $1.38bn recorded in April 2023, data released by the State Bank of Pakistan (SBP) showed.

Conversely, the imports of petroleum products went up by 14.77% MoM compared to the bill of $1.1bn in March 2024.

The share of petroleum products in the total import bill stood at 28.36% in April 2024.

In 10MFY23, the import bill of petroleum products went significantly down by 25.21% YoY to $12.34bn against $16.5bn recorded in the same period last year.

It is pertinent to mention that the overall import bill has risen by 22.77% YoY to $4.45bn in April.

While on a monthly basis, imports fell by 2.74% MoM compared to the imports worth $4.57bn recorded in March 2024.

Cumulatively in 10MFY24, total imports marked a drop of 5.27% YoY to $43.35bn compared to imports of $45.77bn in 10MFY23.

With regards to the transport sector, the import bill posted a rise of 18.13% YoY to $117.49m in April 2024, against $99.46m in April 2023.

This increase is attributed to a rise in imports of road motor vehicles that stood at $106m compared to $94.04m in April 2023, depicting a rise of 12.72% YoY.

Comparison on a sequential basis reflects decline of 6.24% MoM compared to transport imports of $125.31m in the previous month.

Cumulatively in 10MFY24, imports from the transport sector went up by 13.86% YoY to $1.27bn compared to imports of $1.11bn in 10MFY23.

The second and third-highest imports were by the Machinery Group and Agri. & Other Chemical, worth $759.7m and $740.35m, respectively in the review month.

The import of agricultural and other chemicals increased by 60.2% YoY and 6.99% MoM to clock in at $740.35m.

Meanwhile, during 10MFY24, the imports for the same group showed a rise of 6.19% YoY to clock in at $7.47bn.

The fourth major import group was the Food Group as the outflow of foreign currency stood at $493.68m, observing a drop of 10.95% YoY and 34.36% MoM.

Similarly, on a monthly basis, the food group’s import dropped by 34.36% MoM compared to the import worth $752.14m in March.

Under the group, Palm Oil emerged as the dominant food import and stood at $214.14m, down by 1.67% YoY during the review period.

Likewise, the import of Tea rose by 33.55% YoY to clock in at $51.27m in the review month.

On a sequential basis, imports of Palm Oil dropped by 22.37% while the imports of Tea fell by 10.97% MoM, respectively.

The import bill associated with the metal group clocked at $417.35m, rising by 110.51% YoY and 11.72% MoM in April.

Under the Textile Group, the country incurred an import expenditure worth $395.78m during the review period, up by 8.71% YoY and 17.37% MoM.

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Posted on: 2024-05-17T17:06:41+05:00