Islamabad July 23 2024: The imports of the overall Pakistan petroleum group decreased by 0.61 percent during the fiscal year 2023-24 as compared to the corresponding period of the last year, the Pakistan Bureau of Statistics (PBS) reported.
The total imports of the petroleum group during July-June (2023-24) stood at USD 16,910.249 million as against the imports of USD 17,014.558 million during the same period of last year, according to PBS data.
Among petroleum commodities, the import of petroleum products declined by 12.91 percent, from USD 7,628.442 million last year to USD 6,643,912 million during the time period under review.
However, the imports of petroleum crude increased by 11.80 percent, from USD 4,947.216 million to USD 5,531.129; natural gas liquefied by 4.84 percent, from USD 5,531.129 to USD 3,945.703 whereas the imports of petroleum gas liquefied went up by 16.93 percent and reached to USD 675.029 million as compared to USD 789.287 last year.
The imports of all other petroleum group products decreased by 35.86 percent and went down to USD0.339 million from USD0.218 million.
Meanwhile, on a year-on-year basis, the petroleum group imports witnessed a decrease of 3.73 percent during the month of June 2024 as compared to the same month of last year.
The petroleum imports during June 2024 were recorded as USD 1,632.251 million against the imports of USD 1,571.302 million during June 2023.
On a month-on-month basis, the petroleum imports into the country decreased by 0.42 percent during June 2024, as compared to the imports of USD 1,577.878 million in May 2024, according to the data.
It is pertinent to mention here that overall trade deficit declined by 12.32 percent during the FY2024 to USD 24.089 billion compared to last year’s deficit of USD 27.474 billion.
During the period, the exports from the country witnessed an increase of 10.54 percent and were recorded at USD 30.645 billion against the exports of USD27.724 billion last year.
On the other hand, the imports into the country declined by 0.84 percent to USD 54.734 billion this year against the imports of USD 55.198 billion last year.
