Petroleum imports plummet by 24% YoY in August

September 21,2020 (MLN): In the month of August 2020, export receipts from Petroleum group & coal have been recorded at $21.58 million, showing a significant increase by 2.6 times when compared to exports of July 2020. While on yearly basis, it witnessed a decline of 50.39%.

Meanwhile, imports of the same group surged by around 2.4% MoM and plunged 24.27% YoY to value at $770.58 million in August 2020.

Cumulatively, during Jul-Aug FY21, the overall exports of Petroleum group & coal witnessed a decline of 38.62% YoY to stand at $29.9 million against $48.7 million in Jul-Aug FY20.

On the other hand, the imports of the Petroleum group during Jul-Aug FY21 dropped by 24.6% YoY to clock in at $1.52 billion against $2 billion in the corresponding period of FY20 as the lockdowns across the country has suffered domestic fuel demand.

According to the latest data issued by the Pakistan Bureau of Statistics (PBS), the main exportable products during 2MFY21 were petroleum crude and petroleum top naphtha. The exports of petroleum crude showed a notable decline by 59.8%YoY while the exports of Petroleum top naphtha surged by 153% YoY to $11.75 million.

On the import front, the products that contributed in declining Petroleum import bill include Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined by 16.38%, 7.52% and 54.5% YoY respectively. During 2MFY21, $750.38 million worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $443.78 million and $273.28 million respectively.

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