Petroleum imports plunge by 28% in FY20 as domestic fuel demand suffers fall

July 17, 2020 (MLN): In the month of June 2020, export receipts from Petroleum group & coal have been recorded at $23 million, showing a significant increase by 49.8 times when compared to exports of May 2020. While on yearly basis, it witnessed a decline of 4%.

Meanwhile, imports of the same group surged by around 87.65% MoM and plunged 53% YoY to value at $613.13 million in June 2020.

Cumulatively, during FY20, the overall exports of Petroleum group & coal witnessed a decline of 42.7% YoY to stand at $273.23 million against $477.14 million in FY19.

On the other hand, the imports of the Petroleum group during the outgoing fiscal year dropped by 27.84% YoY to clock in at $10.42 billion against $14.44 billion in FY19 as the lockdowns across the country has suffered domestic fuel demand. This suggests that the trade deficit of Petroleum group has improved by 27% in FY20.

According to the latest data issued by the Pakistan Bureau of Statistics (PBS), the main exportable products during FY20 were petroleum crude and petroleum top naphtha. The exports of petroleum crude and petroleum products showed a notable decline by 34.88%YoY and 27.17% YoY to $185.88 million and $46.47 million respectively.

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 24.5%, 40.44% and 20.2% YoY respectively. During FY20, $4.74 billion worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $2.72 billion and $2.66 billion respectively.

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