Petroleum imports plunge by 43.7%, exports fall by 95.7% MoM in May’2020

June 17, 2020 (MLN): In the month of May 2020, export receipts from Petroleum group & coal have been recorded at $462 thousands, showing a decline of 95.73% MoM and of 98.6% YoY. While imports of the same group plunged by around 43.7% MoM and 73.5% YoY to value at $326.75 million in May 2020.

During Jul-May FY20, the overall exports of Petroleum group & coal witnessed a decline of 44.6% YoY to stand at $250.22 million against $451.65 million in the corresponding period of FY19.

On the other hand, the imports of the Petroleum group during 11MFY20 dropped by 25.33% YoY to clock in at $9.8 billion against $13.13 billion of the corresponding period of the last fiscal year.

According to the latest data issued by the Pakistan Bureau of Statistics (PBS), the main exportable products during the period were petroleum crude and petroleum top naphtha. The exports of petroleum crude and petroleum products showed a notable decline by 38.7%YoY and 24.53% YoY to $163.4 million and $46.5 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 21.4%, 38.26% and 18.35% YoY respectively. During 11MFY20, $4.44 billion worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $2.58 billion and $2.49 billion respectively.

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