Amir Khan

The imports of the entire petroleum group decreased by 8.11% during the first five months of the current fiscal year (2022-23) compared to the same period of the previous year, according to data released by the Pakistan Bureau of Statistics (PBS). Between July and November of 2022–23, the petroleum group imported a total of $7,700.272 million, compared to $8,379.847 million during the same time previous year.

When compared to the previous year, petroleum products had a 14.52% reduction in imports, falling from $4,155.917 million to $3,552.326 million. Similarly, the imports of liquefied natural gas declined, which were down 17.38% this year to $1,584.800 million from $1,918.188 million during the same time previous year.

Contrarily, imports of petroleum crude climbed by 10.55% from $2,056.288 million to $2,273.329 million from the previous year, while imports of liquified petroleum gas jumped by 16.19% from $249.309 million to $289.671 million. All other petroleum product imports went from $0.145 million to $0.146 million.

In contrast, petroleum group imports decreased by 24.58% in November 2022 compared to the same month in the previous on year-on-year basis. Compared to November 2021, when imports were $2,182.562 million, November 2022 saw petroleum imports of $1,646,185 million.

Contrarily, imports of petroleum crude climbed by 10.55% from $2,056.288 million to $2,273.329 million from the previous year, while imports of liquified petroleum gas jumped by 16.19% from $249.309 million to $289.671 million. In contrast, petroleum group imports decreased by 24.58% in November 2022 compared to the same month in the previous year on an annual basis.

On a monthly basis, November 2022 saw an increase in petroleum imports into the country of 38.56% when compared to the imports of $1,188.107 million in October 2022. It is important to note that the merchandise trade deficit fell by 30.14% over the first five months of the current fiscal year and was reported at $ 14,406 million this year compared to the deficit of $20,621 million last year.

Exports between July and November of 2022–23 were $11,932 million, a 3.48% decrease from the $12,362 million exported between July and November of 2021–22, according to PBS statistics. On the other hand, the country’s imports declined over the study period by 20.15%, falling from $32,983 million last year to $26,338 million this year.

Credit : Independent News Pakistan-WealthPk