Pakistan’s Oil Import Bill Breaks Another Record

Pakistan’s Oil Import Bill Breaks Another Record in 2022

Petroleum imports increased by 96.09 percent to $14.812 billion in July-March 2021-22, the highest level ever.

According to the Pakistan Bureau of Statistics, Pakistan’s petroleum imports totaled $7.553 billion during the same period last fiscal year (PBS).

The PBS data on exports and imports revealed that petroleum products imports increased by 48.83 percent in March 2022 and remained at $1.864 billion in March 2022, compared to $1.252 billion in February 2022, and increased by 68.19 percent year on year in March 2022, compared to $1.108 billion in the same month last year.

According to the Pakistan Bureau of Statistics, the country’s imports during July-March 2021-22 totaled $58.877 billion (provisional) compared to $39.489 billion during the same period last year, representing a 49.10 percent increase (PBS).

In March 2022 were, $6.425 billion (provisional) compared to $5.853 billion in February 2022, a 9.77 percent increase, and a 14.10 percent increase compared to $5.631 billion in March 2021.

According to the Pakistan Bureau of Statistics, the country’s imports during July-March 2021-22 totaled $58.877 billion (provisional) compared to $39.489 billion during the same period last year, representing a 49.10 percent increase (PBS).

In March 2022 were, $6.425 billion (provisional) compared to $5.853 billion in February 2022, a 9.77 percent increase, and a 14.10 percent increase compared to $5.631 billion in March 2021.

According to the Pakistan Bureau of Statistics, the country’s imports during July-March 2021-22 totaled $58.877 billion (provisional) compared to $39.489 billion during the same period last year, representing a 49.10 percent increase (PBS).

In March 2022 were, $6.425 billion (provisional) compared to $5.853 billion in February 2022, a 9.77 percent increase, and a 14.10 percent increase compared to $5.631 billion in March 2021.

Highest-ever textile exports

The country’s textile group exports increased by 25.43 percent during the first nine months (July-March) of the current fiscal year, reaching $14.242 billion, the highest ever figure during the period under review. During the same period last fiscal year, textile group exports totaled $11.355 billion.

Textile group exports fell 3.51 percent month on month to $1.625 billion in March 2022, compared to $1.684 billion in February 2022.

Overall exports in March 2022 were $2.782 billion (provisional) compared to $2.834 billion in February 2022, a 1.83 percent decrease, but a 17.68 percent increase compared to $2.364 billion in March 2021.

Textile group exports increased 19.9 percent year on year in March 2022, from $1.355 billion in March 2021 to $1.355 billion in March 2022.

Cotton yarn exports increased by 25.97 percent from July to March 2021-22, remaining at $908.487 million compared to $721.216 million during the same period last year, and decreased by 19.33 percent in March 2022, remaining at $92.385 million compared to $ 114.524 million during the same month the previous year.

Construction and mining machinery imports increased by 32.40 percent during July-March 2021-22, remaining at $138.501 million compared to $104.605 million during the same period in the previous year.

The country’s exports during July-March 2021-22 were $23.255 billion (provisional) compared to $18.687 billion during the same period last year, representing a 24.98 percent increase.

Trade deficit

Overall exports in March 2022 were $2.782 billion (provisional), down 1.83 percent from $2.834 billion in February 2022 but up 17.68 percent from $2.364 billion in March 2021.

The trade deficit increased by 70.76 percent, from $20.802 billion in July-March 2020-21 to $35.522 billion in July-March 2021-22.

Knitwear (Rs. 76,350 million), readymade garments (Rs. 61,937 million), bed wear (Rs. 46,869 million), cotton cloth (Rs. 37,732 million), rice others (Rs. 33,981 million), cotton yarn (Rs. 16,594 million), and petroleum products were the most important export commodities in March 2022. (Rs. 8,148 million).

Petroleum products (Rs. 18,5419 million), petroleum crude (Rs. 95,202 million), plastic material (Rs. 59,200 million), palm oil (Rs. 52,183 million), mobile phones (Rs. 33,031 million), and electrical machinery were the most important commodities imported in March 2002. (Rs. 30,890 million).

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