Islamabad: In the first five months of the current fiscal year (2020-21 fiscal year), the entire oil group’s imports fell by 22.78%.
According to the latest data released by the Pakistan Bureau of Statistics (PBS), during the reporting period, the total import value of the oil group was 3.946 billion US dollars, compared with 5.11 billion US dollars last year.
The commodities that led to the decrease in oil imports included petroleum products, whose imports fell by 16.51%, from US$2.174 billion to US$1.815 billion.
Imports of solidified oil fell by 27.01%, from last year’s US$1.486 billion to US$1.085 billion, while imports of LNG fell by 34.73%, from US$1.334 billion to US$870 million.
Petroleum products with increased trade include liquefied petroleum gas, and its imports increased by 52.06%, from US$114,095 million to US$17,472.22 million. Data show that imports of all other oil group commodities also increased by 8.93%.
At the same time, compared with the same period last year, oil group imports in November fell 16.38% year-on-year. In November 2020, the value of oil imports was US$77,789.81 million, while the value of imports was US$93.396 million.
Data show that on a monthly basis, the country’s oil imports have decreased by 7.44% by November 2020, while imports in October 2020 were US$84.048 million.
What needs to be mentioned here is that in the first five months of this fiscal year, the country’s merchandise exports increased by 2.21% compared to the same period last year.
According to PBS data, the export value from July to November (2020-21) was 9.747 billion US dollars, while the export value from July to November (2019-20) was 9.536 billion US dollars, an increase of 2.21%.
During the reporting period, imports also increased by 1.63%, from 19.175 billion US dollars last year to 19.487 billion US dollars this fiscal year.
According to these figures, during the reporting period, the trade deficit increased slightly by 1.05% to 9.740 billion US dollars, compared with 9.639 billion US dollars in the same period last year.