ISLAMABAD: The declining petroleum products prices in the international market helped Pakistan save $3.9 billion during 11 months of the outgoing fiscal year.
According to the data of Pakistan Bureau of Statistics (PBS), Pakistan imported oil products worth $6.8 billion during July-May period of the fiscal year 2015-2016 as against $10.7 billion of the corresponding months of the previous year.
In petroleum group, import of petroleum products decreased by 31.82 percent and crude oil by 44.32 percent. The government in Annual Plan 2015-16 had estimated that government would curtail the oil import bill to $7.2 billion during outgoing financial year.
Meanwhile, it has been estimated at $8.3 billion for the next financial year 2016-2017. However, country’s overall imports went down by only 2.74 percent to $40.32 billion from $41.5 billion of the previous year despite massive decline in oil import.
The PBS data showed that import of other commodities enhanced during the period under review. Food’s import increased by 7.1 percent to $4.9 billion. In food group, import of milk and its products went down by 5.46 percent; wheat 100pc and palm oil import reduced by 3.04pc.
However, import of dry fruits went up by 43.2pc, tea 50.96pc, spices 38.26pc, soybean oil 279.33pc, sugar 0.24pc and pulses import increased by 44.19pc. Machinery’s import enhanced by 16.77 percent to $7.8 billion during July-May period of 2015-2016 from $6.7 billion of the previous year. Similarly, import of transport group increased by 3.27 percent to $2.5 billion. Meanwhile, import of textile group went up by 26.18pc to $2.9 billion.
According to the PBS data, import of agricultural and other chemicals reduced by 3.53 percent during the period under review. Import of metal group recorded an increase of 11.31 percent.
The latest data of PBS showed that country’s exports reduced by 12.37 percent to $19.2 billion during July-May of the ongoing fiscal year from $21.9 billion of the last year. Meanwhile, the country’s imports went down by 2.74 percent to $40.32 billion from $41.5 billion of the previous year. Therefore, trade deficit, gap between exports and imports, was registered at $21.2 billion during July-May of the year 2015-2016 as against $19.6 billion of the same period of previous year, showing an increase of 8 percent.
