POL import bill decreases by 0.61 percent in FY2024

ISLAMABAD, Jul 22 (APP):The imports of the overall 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 $ 16,910.249 million as against the imports of $ 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 $ 7,628.442 million last year to $ 6,643,912 million during the time period under review.

However, the imports of petroleum crude increased by 11.80 percent, from $ 4,947.216 million to $ 5,531.129; natural gas liquefied by 4.84 percent, from $ 5,531.129 to $ 3,945.703 whereas the imports of petroleum gas liquefied went up by 16.93 percent and reached to $ 675.029 million as compared to $ 789.287 last year.

The imports of all other petroleum group products decreased by 35.86 percent and went down to $0.339 million from $0.218 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 $ 1,632.251 million against the imports of $ 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 $ 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 $24.089 billion compared to last year’s deficit of $27.474 billion.

During the period, the exports from the country witnessed an increase of 10.54 percent and were recorded at $30.645 billion against the exports of $27.724 billion last year.

O the other hand, the imports into the country declined by 0.84 percent to $54.734 billion this year against the imports of $55.198 billion last year.