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Mettis Global News
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Petroleum import bill surges by 32% in FY 2018

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The imports of petroleum group constituted around 23.7 percent of the total import bill during the fiscal year 2017-18, official data revealed.

The import bill of petroleum group was recorded at $14.430 billion compared to the total merchandise imports of $60.867 billion during July-June (2017-18), according to Pakistan Bureau of Statistics (PBS).

The imports of petroleum group during the year under review increased by 32.10 percent when compared to the imports of $10.923 billion during the corresponding period of last fiscal year (2016-17).

Among the petroleum products, the highest increase of 86.94 percent was registered in the imports of liquefied natural gas, which grew from $1.312 billion during 2016-17 to $2.453 billion in 2017-18.

The imports of crude petroleum surged by 66.05 percent by going up from $2.547 billion to $4.229 billion while the imports of liquefied petroleum gas increased by 20.08 percent, from $0.225 billion to $0.270 billion.

The imports of petroleum products increased from $6.837 billion to $7.476 billion, showing growth of 9.33 percent. However, the imports of all other petroleum group decreased by 42.25 percent.

Meanwhile, on year-on-year basis, the petroleum group imports into the country increased by 48.51 percent during June 2018 against the imports of same month of last year.

The imports during June 2018 were recorded at $1.502 billion against the imports of $1.011 billion in June 2017, the PBS data revealed.

On month-on-month basis, the imports of petroleum group into the country witnessed around one percent increase in June 2018 when compared to the imports of $1.487 billion in May 2017.

It is pertinent to mention here that the overall merchandise imports into the country during the fiscal year 2017-18 increased by 15.10 percent by going up from $52.910 billion in FY 2016-17 to $60.898 billion.

On the other hand, the exports from the country surged by 13.74 percent from $20.422 billion to $23.228 billion.

Based on the figures, the external trade deficit during the outgoing fiscal year 2017-18 increased by 15.95 compared to last year.

The trade deficit during FY 2017-18 was recorded at $ 37.670 billion against the deficit of $32.488 billion in FY 2016-17.

(APP)

Posted on: 2018-08-06T13:02:00+05:00

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