Pakistan’s petroleum imports decreased by 0.61% during the fiscal year 2023-24 compared to the previous year. Total petroleum group imports stood at $16.91 billion during July-June 2023-24, down from $17.01 billion in the same period last year.
According to data released by the Pakistan Bureau of Statistics (PBS), the import of petroleum products declined by 12.91%, falling from $7.63 billion last year to $6.64 billion during the period under review.Â
In contrast, petroleum crude imports increased by 11.80%, rising from $4.95 billion to $5.53 billion. Imports of liquefied natural gas (LNG) increased by 4.84%, reaching $3.95 billion, while imports of liquefied petroleum gas (LPG) grew by 16.93%, amounting to $789.29 million compared to $675.03 million last year.Â
Imports of other petroleum products decreased by 35.86%, dropping to $0.34 million from $0.22 million.
On a year-on-year basis, petroleum group imports decreased by 3.73% in June 2024, recording $1.63 billion compared to $1.57 billion in June 2023. On a month-on-month basis, imports decreased by 0.42% in June 2024, down from $1.58 billion in May 2024.
Overall, Pakistan’s trade deficit declined by 12.32% during FY 2024, reaching $24.09 billion compared to last year’s $27.47 billion deficit.Â
During this period, exports increased by 10.54%, totaling $30.65 billion, up from $27.72 billion last year. Meanwhile, imports declined by 0.84%, amounting to $54.73 billion compared to $55.20 billion last year.
