Pakistan’s Petroleum Exports Drop Slightly in FY24

Petroleum group imports witnessed a negative growth of 0.61 percent during fiscal year 2023-24 (FY24) and remained $16.910 billion compared to $17.014 billion during the 2022-23 (FY23), says the Pakistan Bureau of Statistics (PBS). The data of exports and imports released by the PBS revealed that petroleum group imports in June 2024 remained at $1.571 billion compared to $1.577 billion in May and registered 0.42 percent negative growth while on a year-on-year (YoY) basis; it registered 3.73 percent negative growth when compared to $1.632 billion in May 2023. Petroleum products imports witnessed 12.91 percent negative growth during FY24 and stood at $6.643 billion compared to $7.628 billion during the same period of the last fiscal year. On a MoM basis, they stood at $684.4957 million in June 2024 compared to $676.417 million in May 2024 and registered a 1.19 percent growth. The imports during July–June, 2023-24 (FY24) totaled $54,798 million (provisional) as against $55,198 million during the corresponding period of last year showing a decrease of 0.72%. The imports in June, 2024 were $4,983 million (provisional) as compared to $4,915 million in May 2024 showing an increase of 1.38 percent over May 2024 and increased by 18.95% as compared to $4,189 million in June 2023. Main commodities of imports during June 2024 were Petroleum products (Rs. 190,590 million), Petroleum crude (Rs. 128,995 million), Natural gas, liquified (Rs. 102,615 million), Electric machinery & apparatus (Rs. 87,700 million), Mobile Phones (Rs. 77,566 million), Palm oil (Rs. 68,781 million), Plastic materials (Rs. 52,924 million), Iron & Steel (Rs. 48,702 million), Motor cars (CKD/SKD) (Rs. 28,898 million) and Iron and steel scrap (Rs. 27,398 million).