SBP import bill likely to be less than PBS

January 7, 2022 (MLN): The import bill as reported by the State Bank of Pakistan (SBP) is likely to be less than $7.59 billion as released by the Pakistan Bureau of Statistics (PBS) after taking into account the previous data releases. The SBP’s number will be less than the PBS because the central bank has not paid the bill for medicinal items i.e., vaccines for Covid-19 during December, the source informed. 

Earlier in November as well, PBS and SBP both reported different numbers for the monthly import bill.

As per PBS, the import bill in November stood at $7.89bn whereas the SBP reported the same at $6.5bn. The disparity of around $1bn was mainly because the central bank did not book an outflow of dollars for medicinal items.

On the other hand, both reporting organisations used different accounting methods to calculate the monthly numbers. 

The difference in numbers by the two has increased confusion in the markets. Further confusion is being added by Commerce Minister Abdul Razzak Dawood who also announces monthly trade numbers from his Twitter account. 

Earlier this week, Razzak Dawood tweeted that: “Early indications are that the growth in imports has started to decrease. Flag of Pakistan imports during Dec 2021 decreased Down-pointing triangle to USD 6.9 billion as compared to USD 7.9 billion in Nov 2021. This is a decrease of USD 1 billion. The import projection for Dec 2021 was USD 6.2 billion.” 

While adding that turning to exports, MOC would like to share that during Dec 2021, Flag of Pakistan Pakistan’s exports increased by, Up-pointing triangle 16.7% to USD 2.761 billion as compared to USD 2.366 in Dec 2020. The Export Target for the month was USD 2.8 billion.

Multiple releases through various channels are creating unnecessary confusion in the financial circles.

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