Home » In the first two months of FY24, petroleum imports decreased 34%.

In the first two months of FY24, petroleum imports decreased 34%.

by Noor Zaman
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According to data released by the Pakistan Bureau of Statistics (PBS), imports of the petroleum group experienced a negative growth of 34.25 percent during the first two months (July-August) of the current fiscal year and were $2.171 billion compared to imports of $3.302 billion during the same period last fiscal year.

The data reveals that, on a year-over-year (YoY) basis, petroleum group imports decreased by 26.06 percent and were worth $1.379 billion in August 2023 as opposed to $1.8654 billion in August 2022. They wore an increase of 74.33 percent month over month (MoM) when compared to $791.434 million in July 2023.

In July-August 2023–24 (FY24), imports of petroleum products had a 41.44 percent decline, falling to $971.373 million from $1.658 billion in the same period the previous fiscal year. They increased by 72.41 percent month over month, from $356.590 million in July 2023 to $614.781 million in August. Petroleum products saw a YoY increase decline of 33.93 percent when compared to the $930.564 million in August 2022.

The total imports in August 2023 were $4,528 million (provisional), up from $3,705 million in July but down from $6,054 million in August 2022. This represents an increase of 22.21 percent.

When compared to the same period last year, when imports totaled $11.035 billion, the imports between July and August of fiscal year 24 were $8.233 billion (provisional), a fall of 25.39 percent.

Petroleum products (Rs. 180,628 million), petroleum crude (Rs. 119,438 million), natural gas (Rs. 89,854 million), palm oil (Rs. 80,346 million), plastic materials (Rs. 66,789 million), electric machinery & apparatus (Rs. 48,536 million), iron & steel (Rs. 47,489 million), mobile phones (Rs. 32,712 million), iron & steel scrap (Rs.28,618 million).

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