Petroleum imports shrink 26pc – Newspaper

ISLAMABAD: The oil import bill registered a sharp decline of more than 26 percent in the first two months of the current fiscal year for a year, data published by the Pakistan Bureau of Statistics (PBS) showed.

The data analysis suggests that all groups, including food groups, petroleum products, durable consumer goods and raw materials, have witnessed a sharp decline in imports during the period July-August 2019 -20 during the same period last year.

The total import bill decreased 21.41pc year-over-year to $ 7.67 billion in July-August, mainly due to the decrease in the arrival of kiln oil, palm oil and textiles.

The data of wise products showed that the imports of the oil group fell 26.75pc to $ 1.93bn during the period of July-August, with the biggest drop coming from crude oil, 55pc in value. However, there was a fall of 46.36pc in terms of the total amount imported, down to 0.9 million tons.

The cost of imports of petroleum products fell 16.42pc during the first two months, while a decrease of 7.84pc was recorded in terms of the total amount imported; lowering the total to 1.57 million tons.

On the other hand, imports of liquefied natural gas (LNG) decreased 8.75pc, while imports of liquefied petroleum gas (LPG) increased 39.72pc during the period under review.

Machinery imports increased 8.23pc to $ 1.72bn from $ 1.59bn last year led by an increase in imports related to textile machinery, telecommunications and electrical machinery. The import of textile machinery increased by 17.28pc, machinery and electrical appliances registered a growth of 20.27pc.

Imports of the telecommunications group increased 10.95pc year-over-year to $ 239.34m in July-August. The import of mobile phones increased by 19.4pc, which was the result of an offensive against smuggling and the elimination of free imports in luggage schemes.

The import of the other device decreased by 3.73pc. However, the import of power generating machinery and office machinery was reduced by 8.53pc and 16.15pc, respectively. The early harvest of CPEC projects and the reduction in PSDP spending contributed to the low machinery import bill.

The general transport group also witnessed negative growth. The importation of motor vehicles was reduced by more than 41pc during July-August.

Imports of agricultural machinery contracted 23.3pc. A negative growth of 29.47pc was observed in imports of the textile group: raw cotton, synthetic fiber, synthetic and artificial silk thread, worn fabrics; and there was another 26{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} negative growth in imports of all metals.

The total import of the food group decreased by 26.8 percent during July-August, mainly due to the imposition of regulatory tariffs on the food obtained. The import of soybean oil, however, registered a growth of 122.4pc.

Exports up

Textile and apparel exports registered an insignificant growth of 2.3pc to $ 2,303bn during the first two months of the current fiscal year compared to $ 2,215bn in the last year.

Product details show that raw cotton exports recorded a value growth of 152.33pc, followed by a 100pc growth in the export of carded or combed cotton and yarns other than cotton at 44.96pc, respectively.

In the value-added sector, the export of knitwear increased by 12.84pc in value and 10.68pc in quantity, followed by 1.22pc in value of bedding and 20.4pc in quantity. The export of ready-made garments increased by 7.47pc in value, and 34.62pc in quantity during the months under review. However, the export of towels was reduced by 0.2pc.

Other exports of primary products that declined during the first two months include 7.76pc cotton yarn, 6.35pc cotton cloth and other textile materials decreased by 15.46pc, respectively.

Posted on Dawn, September 22, 2019

Source: https://www.dawn.com/news/1506644/petroleum-imports-shrink-26pc

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