Import bill of POL balloons by 98% YoY in October: SBP

November 21, 2022 (MLN): The import bill of the petroleum group for the month of October 2022 ballooned by 98% YoY to stand at $1.47 billion while on monthly basis, the import bill of the same group inches down by 1% MoM, compared to $1.5bn in October 2021 and $1.48bn in September 2022, respectively, data issued by the State Bank of Pakistan showed on Monday.

Cumulatively, the import bill of petroleum clocked in at $7.54 bn in 4MFY23, witnessing a surge of 38% YoY compared to $5.47bn in 4MFY22.

Within the group, the import of petroleum products dropped by 6% MoM to stand at $724.2mn in October 2022, whereas on yearly basis, it has jumped by 97% YoY compared to the same period last year.

Meanwhile, the import of petroleum crude fell by 20.56% MoM while on yearly basis, it swelled by 87% YoY to $375mn. Likewise, natural gas liquified import stood at $356mn, up by 54% MoM and 112% YoY.

The import of machinery also witnessed a decline of 3.4% MoM and an increase of 61.5% YoY to $439.5mn during the month under review against the imports of $455mn in the previous month and $714.7mn in October 2021.

Under the Machinery group, the major portion of import was associated with telecom machines as it stood at $82.17mn, observing a decline of 4.23% MoM while on yearly basis, the same import of the same group by 47.43% YoY.

Within the telecom, the imports of mobile phones moved down by 32% MoM to $8mn in while on yearly basis, the import of mobile phones depicted an increase of 5.54% YoY, compared to Rs145mn in October 2021.

Similarly, the import bill of the agriculture and chemical group which comprises manufactured fertilizer, insecticides, plastic material, medicinal products, and other agricultural and chemical products, witnessed a decline of 2.52% MoM to clock in at $762.21mn in October 2022, compared to $782mn in September 2022. However, on yearly basis, the import bill of the same group saw an increase of 85.67% YoY against $889.68mn in October 2021.

In addition, the food group including, palm oil, tea, pulses, sugar, and wheat also dropped to $689.66mn in October 2022, down by 16.13% MoM, compared to Rs822.32mn in September 2022. On the other hand, the import bill of the same group inched up by 97.32% YoY against the bill of $708mn in October 2021.

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