Pakistan’s Petroleum Imports Fall 14% in First Half of FY24

Petroleum group imports witnessed a negative growth of 13.78 percent during the first half (July-December) of the current fiscal year (FY24) and stood at $8.005 billion when compared to $9.285 billion during the same period of last fiscal year, according to data issued by the Pakistan Bureau of Statistics (PBS) on Friday. The data revealed that petroleum group imports decreased by 2.11 percent on a year-on-year (YoY) basis and stood at $1.55 billion in December 2023 when compared to $1.585 billion during December 2022. On a month-on-month basis, they registered 8.91 percent growth when compared to $1.424 million in November 2023. Petroleum products imports witnessed 24 percent negative growth during July-December 2023-24 and remained at $3.193 billion compared to $4.202 billion during the same period of last fiscal year. On a MoM basis, they registered 6.65 percent growth and stood at $532.615 million in December 2023 when compared to $499.401 million in November 2023. On a YoY basis, petroleum products registered 18.04 percent negative growth when compared to $649.862 million in December 2022. The overall imports during July-December FY24 stood at $26.266 billion (provisional) as against $31.209 billion during the corresponding period of last year showing a decrease of 15.84 percent. The imports in December 2023 were $4,650 million (provisional) as compared to $4.539 billion in November 2023 showing an increase of 2.45 percent but decreased by 9.60 percent as compared to $5,144 million in December 2022. The main commodities of imports during December 2023 were Petroleum crude (Rs. 158,260 million), Petroleum products (Rs. 150,888 million), Natural gas, liquified (Rs. 109,516 million), Electric machinery & apparatus (Rs. 63,667 million), Palm oil (Rs. 60,316 million), Plastic Materials (Rs. 52,218 million), Mobile phones (Rs. 49,887 million), Iron & steel (Rs. 41,654 million), Iron and steel scrap (Rs. 30,426 million) and Motor cars (ckd/skd) (Rs. 29,543 million).