ISLAMABAD, Nov 24 (APP):The imports of overall petroleum group declined by 24.56 percent during the first four months of the current fiscal year (FY2020-21) as compared to the corresponding period of the last year.
During the period under review, the total imports of the petroleum group stood at $3.153 billion, as against the imports of $4.180 billion last year, according to the latest data issued by the Pakistan Bureau of Statistics (PBS).
The commodities that contributed in negative growth of petroleum imports included petroleum products, imports of which declined by 12.5 percent, from $1.714 billion to $1.5 billion.
The imports of petroleum cured decreased by 26.13 percent, from $1.186 billion last year to $0.876 billion whereas the imports of liquefied natural gas decreased by 46.14 percent from $1.191 billion to $0.641 billion.
The only petroleum product that witnessed increase in trade was liquefied petroleum gas, imports of which grew by 54.09 percent, from $87.435 million to $134.726 million.
The imports of all other petroleum group commodities decreased by 1.85 percent, the data revealed.
Meanwhile, on year-on-year basis, the petroleum group imports decreased by 18.33 percent during the month of October as compared to the same month of last year. The petroleum imports during October 2020 were recorded at $825.272 million against the imports of $1010.531 million.
On month-on-month basis, the petroleum imports into the country increased by 2.51 percent during October 2020 when compared to the imports of $805.086 in September 2020, the data revealed.
It is pertinent to mention here that the country’s trade deficit witnessed reduction of 1.88 percent during the first four months of current fiscal year compared to the deficit of the corresponding period of last year.
The deficit during the current year was recorded at $7.577 billion as compared to the deficit of $7.722 billion last year.
During the period under review, the country’s overall exports registered positive growth of 0.33 percent, by going up from $7.529 billion last year to $7.554 billion during the current year.
On the other hand, the imports decreased by 0.79 percent, from $15.251 billion last year to $15.131billion during the current year