Oil imports decrease by 24% MoM in October: PBS

November 18, 2022 (MLN): The import bill of oil was recorded at $1.18 billion in October 2022, down by 24% MoM and 26% YoY compared to $1.56bn in September 2022 and $1.6bn in October 2021, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.

In 4MFY23, the import bill of petroleum products stood at $6bn compared to $6.2bn in the same period last year.

Meanwhile, the share of petroleum products in the total import bill of $4.71bn stood at 25.22% in October 2022. It is pertinent to mention that the overall import bill has dropped by 11.9% MoM and 26% YoY.

With regards to the transport sector, the import bill posted a plunge of 47.55% YoY to $199.2mn in October 2022 against $379bn over last year, mainly led by a decline in imports of road motor vehicles (build unit, CKD/SKD) that stood at $197.66mn compared to $277mn in October 2021.

The import of medicinal products went down by 37% MoM and 63% YoY to clock in at $105.33mn compared to $169mn in September 2022 and 287mn in October 2021.

In addition, the country’s food imports also dropped by 24.78% MoM and 7.31% MoM to $707.27mn in October 2022 from $940.28mn in September 2022 and $763mn in October 2021.

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