Petroleum import bill rises by 1.52% YoY to $1.36 in May: SBP

June 21, 2024 (MLN): The import bill of the petroleum group increased to $1.36 billion in May 2024, marking an increase of 1.52% YoY compared to the import bill of $1.34bn recorded in May 2023, data released by the State Bank of Pakistan (SBP) showed.

Similarly, the imports of petroleum products increased by 8% MoM compared to the bill of $1.26bn in April 2024.

The share of petroleum products in the total import bill stood at 26.99% in May 2024.

In 11MFY23, the import bill of petroleum products went significantly down by 23.2% YoY to $13.7bn against $17.84bn recorded in the same period last year.

It is pertinent to mention that the overall import bill has risen by 34.52% YoY to $5.05bn in May.

Likewise on a monthly basis, imports grew by 13.44% MoM compared to the imports worth $4.45bn recorded in April 2024.

Cumulatively in 11MFY24, total imports marked a drop of 2.25% YoY to $48.4bn compared to imports of $49.52bn in 11MFY23.

With regards to the transport sector, the import bill posted a rise of 81.78% YoY to $166.45m in May 2024, against $91.56m in May 2023.

This increase is attributed to a growth in imports of road motor vehicles that stood at $157.87m compared to $71.55m in May 2023, depicting a rise of 120.63% YoY.

Comparison on a sequential basis reflects growth of 41.67% MoM compared to transport imports of $117.49m in the previous month.

Cumulatively in 11MFY24, imports from the transport sector went up by 19.03% YoY to $1.43bn compared to imports of $1.2bn in 11MFY23.

The second and third-highest imports were by the Machinery Group and Agri. & Other Chemical, worth $848.49m and $802.93m, respectively in the review month.

The import of agricultural and other chemicals increased by 29.82% YoY and 8.46% MoM to clock in at $802.93m.

Meanwhile, during 11MFY24, the imports for the same group showed a rise of 8.1% YoY to clock in at $8.28bn.

The fourth major import group was the Food Group as the outflow of foreign currency stood at $512.97m, observing a decrease of 12.62% YoY.

Conversely, on a monthly basis, the food group’s import increased by 3.91% MoM compared to the import worth $493.69m in April.

Under the group, Palm Oil emerged as the dominant food import and stood at $218.42m, down by 33.35% YoY during the review period.

Tea imports rose by 36.78% YoY to clock in at $57.01m in the review month.

On a sequential basis, imports of Palm Oil increased by 2% while the imports of Tea grew by 11.19% MoM, respectively.

The import bill associated with the metal group clocked at $490.81m, rising by 94.9% YoY and 17.6% MoM in May.

Under the Textile Group, the country incurred an import expenditure worth $507.95m during the review period, up by 28.1% YoY and 28.34% MoM.

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