MARKET DEVELOPMENT
Country Spends $19.10B on Oil, Food Imports
Country Spends $19.10B on Oil, Food Imports
22/07/2013 (The Nation) - Pakistan has spent $19.104 billion on oil and food imports in previous financial year 2012-13 that pushed the country’s trade deficit to the higher side.
According to the figures of Pakistan Bureau of Statistics (PBS) released on Friday, spending on oil and food imports has recorded at $19.104 billion in July 2012 to June 2013 as compared to $20.246 billion of the corresponding period of its preceding year, showing a decline of over five percent in one year.
The country had spent huge foreign exchange reserves on importing oil and food, which is so precious for the country at time when reserves are sharply depleting. State Bank of Pakistan (SBP) held foreign exchange reserves declined to $5.52 billion. The country’s trade deficit has recorded at $20.432 billion during previous financial year 2012-13 chiefly due to higher oil and food import.
The break-up of $19.104 billion revealed that country has imported food commodities worth of $4.188 billion and oil worth of $14.914 billion in July-June period of the last fiscal year 2012-13. The oil import bill enhanced due to upsurge in gas loadshedding to the Compressed Natural Gas (CNG) stations in the country.
In oil import bill, the country has spent $9.525 billion on petroleum products and $5.392 billion on import of petroleum crude during previous financial year 2012-13. Petroleum import has occupied more than one-third of the country’s total imports of $44.95 billion during the period under review.
The PBS figures revealed that country imported foodstuff worth of $4.187 billion during last financial year 2012-13. The break-up of $4.187 billion revealed that import bill of milk products went down by 14.94 per cent, dry fruits and nuts import down by 9.39 percent, import of tea increased by 4.95 per cent, import of spices decreased by 33.39 per cent, soybean oil’s imports enhanced by 44.83 per cent, palm oil import declined by 17.35 per cent, sugar import decreased by 61.45 per cent, import of pulses went down by 24.67 per cent and import of all other food items decreased by 18.34 per cent during the period under review.
Meanwhile, according to PBS figures, the country imported machinery worth of $5.7 billion, transport group imports stood at $2.17 billion, textile group $2.61 billion, agricultural and other chemicals $6.37 billion, metal group $3.337 billion, miscellaneous group imports were recorded at $839 million and all other items imports remained $4.820 billion during last financial 2012-13.
It is worth mentioning here that Pakistan exports rose to $24.518 billion in July 2012 to June 2013 period from $23.624 billion of the period July 2011 to June 2012. Imports recorded at $44.95 billion from $44.912 billion. Therefore, trade imbalance recorded at $ 20.432 billion in the period under review.
Meanwhile, according to the PBS figures, country exported textile commodities worth $13.064 billion in previous financial year 2012-13 against $12.336 billion of its preceding year 2011-12. The textile’s exports had gone down by 5.90 per cent in one-year period. According to figures released by PBS, the product-wise details showed that raw cotton exports has decreased by 66.71 percent, cotton yarn exports increased b 23.97 percent, cotton cloth exports went up by 10.17 percent, cotton carded exports declined by 46.75 percent, yarn exports up by 10.84 percent, knitwear export surged by 2.51 percent, bed wear, 2.4 percent, towels, 13.03 percent, tents export enhanced by 37.34 percent, readymade garments up by 12.32 percent, art silk and synthetic textile exports decreased by 25.65 percent, made up articles export reduced by 0.05 percent and other textile materials exports increased by 25.56 percent in July-February period of 2011-12 against the July-February 2010-11 period, said the PBS data.
Meanwhile, the figures revealed that the country’s food export also registered an increase of 11.35 percent during previous fiscal year 2012-13. The country exported foodstuff worth of $4.732 billion in last financial year 2012-13 as against $4.250 billion of its preceding year 2011-12. Meanwhile, other manufactures group also enhance by 5.01 per cent. In this group, exports carpets, rugs and mats went down by 1.35 percent and sports goods exports decreased by 2.59 percent during the period under reviewed. Similarly, the engineering goods exports has enhanced by over 4.66 per cent, surgical goods and medical instruments exports also went up by 2.14 per cent in previous financial year 2012-13.
According to the figures of Pakistan Bureau of Statistics (PBS) released on Friday, spending on oil and food imports has recorded at $19.104 billion in July 2012 to June 2013 as compared to $20.246 billion of the corresponding period of its preceding year, showing a decline of over five percent in one year.
The country had spent huge foreign exchange reserves on importing oil and food, which is so precious for the country at time when reserves are sharply depleting. State Bank of Pakistan (SBP) held foreign exchange reserves declined to $5.52 billion. The country’s trade deficit has recorded at $20.432 billion during previous financial year 2012-13 chiefly due to higher oil and food import.
The break-up of $19.104 billion revealed that country has imported food commodities worth of $4.188 billion and oil worth of $14.914 billion in July-June period of the last fiscal year 2012-13. The oil import bill enhanced due to upsurge in gas loadshedding to the Compressed Natural Gas (CNG) stations in the country.
In oil import bill, the country has spent $9.525 billion on petroleum products and $5.392 billion on import of petroleum crude during previous financial year 2012-13. Petroleum import has occupied more than one-third of the country’s total imports of $44.95 billion during the period under review.
The PBS figures revealed that country imported foodstuff worth of $4.187 billion during last financial year 2012-13. The break-up of $4.187 billion revealed that import bill of milk products went down by 14.94 per cent, dry fruits and nuts import down by 9.39 percent, import of tea increased by 4.95 per cent, import of spices decreased by 33.39 per cent, soybean oil’s imports enhanced by 44.83 per cent, palm oil import declined by 17.35 per cent, sugar import decreased by 61.45 per cent, import of pulses went down by 24.67 per cent and import of all other food items decreased by 18.34 per cent during the period under review.
Meanwhile, according to PBS figures, the country imported machinery worth of $5.7 billion, transport group imports stood at $2.17 billion, textile group $2.61 billion, agricultural and other chemicals $6.37 billion, metal group $3.337 billion, miscellaneous group imports were recorded at $839 million and all other items imports remained $4.820 billion during last financial 2012-13.
It is worth mentioning here that Pakistan exports rose to $24.518 billion in July 2012 to June 2013 period from $23.624 billion of the period July 2011 to June 2012. Imports recorded at $44.95 billion from $44.912 billion. Therefore, trade imbalance recorded at $ 20.432 billion in the period under review.
Meanwhile, according to the PBS figures, country exported textile commodities worth $13.064 billion in previous financial year 2012-13 against $12.336 billion of its preceding year 2011-12. The textile’s exports had gone down by 5.90 per cent in one-year period. According to figures released by PBS, the product-wise details showed that raw cotton exports has decreased by 66.71 percent, cotton yarn exports increased b 23.97 percent, cotton cloth exports went up by 10.17 percent, cotton carded exports declined by 46.75 percent, yarn exports up by 10.84 percent, knitwear export surged by 2.51 percent, bed wear, 2.4 percent, towels, 13.03 percent, tents export enhanced by 37.34 percent, readymade garments up by 12.32 percent, art silk and synthetic textile exports decreased by 25.65 percent, made up articles export reduced by 0.05 percent and other textile materials exports increased by 25.56 percent in July-February period of 2011-12 against the July-February 2010-11 period, said the PBS data.
Meanwhile, the figures revealed that the country’s food export also registered an increase of 11.35 percent during previous fiscal year 2012-13. The country exported foodstuff worth of $4.732 billion in last financial year 2012-13 as against $4.250 billion of its preceding year 2011-12. Meanwhile, other manufactures group also enhance by 5.01 per cent. In this group, exports carpets, rugs and mats went down by 1.35 percent and sports goods exports decreased by 2.59 percent during the period under reviewed. Similarly, the engineering goods exports has enhanced by over 4.66 per cent, surgical goods and medical instruments exports also went up by 2.14 per cent in previous financial year 2012-13.