POL imports up by 22.73% in two months

ISLAMABAD: The petroleum group imports increased by 22.73 percent during the first two month of the current fiscal year as compared to the imports of the same months of last year, the Pakistan Bureau of Statistics (PBS) reported.

The imports of overall petroleum group during July-August (2024-25) stood at $ 2,664.594 million as against the imports of $2,171.115 million during July-August (2-23-24), according to PBS data.

Among petroleum commodities, the import of petroleum products declined by 13.41 percent, from $ 971.371 million last year to $ 841.113 million during the time period under review.

However, the imports of petroleum crude increased by 107.15 percent, from $ 456.238 million to $ 945.087; natural gas liquefied by 10.65 percent, from $ 645.430 to $ 714.195 whereas the imports of petroleum gas liquefied went up by 67.41 percent and reached to $ 98.044 million as compared to $ 164.134 last year.

The imports of all other petroleum group products also increased by 103.13 percent and went up to $0.065 million from $0.032 million.

Meanwhile, on a year-on-year basis, the petroleum group imports witnessed an increase of 1.35 percent during the month of August 2024 as compared to the same month of last year.

The petroleum imports during August 2024 were recorded at $ 1,398.324 million against the imports of $ 1,379.680 million during August 2023.

On a month-on-month basis, the petroleum imports into the country however, decreased by 31.45 percent during August 2024, as compared to the imports of $ 499.017 million in July 2024, according to the data.

It is pertinent to mention here that the merchandize exports from the country increased by 14 percent during the first two months of the current fiscal year as compared to the corresponding months of last year.

Exports during July-August (2024-25) were recorded at $5.050 billion against $4.430 billion during July-August (2023-24), according to PBS data.

On the other hand, imports into the country also went up by 5.67 percent growing from $8.165 million last year to $8.628 million during the first two months of the current year.

Based on the figures, the trade deficit during the months under review was recorded at $3.578 billion against the deficit of $3.735 billion last year, showing a decline of 4.20 percent.