MARKET DEVELOPMENT
Oil Import Bill Dips
Oil Import Bill Dips
21/06/2013 (DAWN.com) - Country’s import bill for oil and eatables fell by over four per cent in 11 months of the current fiscal year from a year ago, suggested data issued by the Pakistan Bureau of Statistics on Thursday.
In absolute terms, import of these two commodities fell to $17.669 billion in July-May period this year from $18.521bn over the corresponding period of last year.
As a result of this decline, overall imports during the period under review also witnessed a paltry growth of less than 2pc.
The food groups emerged second after oil import bill in the period under review, but its bill declined by over 14.29pc to $3.927bn in July-May period this year from $4.584bn over the corresponding period of last year.
Within food group import, import of milk, palm oil, sugar, pulses and all other food items witnessed a decline during the period under review.
Only two food items — spices and soyabean oil — witnessed an increase during the period under review over last year.
Statistics showed that oil import bill reached $13.740bn in July-May period this year as against $13.937bn over the previous year, indicating a decline of 1.41pc.
Of these, the import of crude oil was up by 9.73pc to $5.02bn in July-May period this year as against $4.574bn previous year. The rise in import of crude oil shows that refineries have picked up operations.
As a result, the share of domestic petroleum also increased in the total petroleum products consumption. The domestic refineries are now utililising almost its 90pc capacity.
Contrary to this, import of petroleum products dipped by 6.85pc to $8.72bn in July-May period this year as against $9.362bn over the same period of last year.
The second biggest factor for drop in demand for import of petroleum products was diversification of petroleum products produced in the domestic product.
In absolute terms, import of these two commodities fell to $17.669 billion in July-May period this year from $18.521bn over the corresponding period of last year.
As a result of this decline, overall imports during the period under review also witnessed a paltry growth of less than 2pc.
The food groups emerged second after oil import bill in the period under review, but its bill declined by over 14.29pc to $3.927bn in July-May period this year from $4.584bn over the corresponding period of last year.
Within food group import, import of milk, palm oil, sugar, pulses and all other food items witnessed a decline during the period under review.
Only two food items — spices and soyabean oil — witnessed an increase during the period under review over last year.
Statistics showed that oil import bill reached $13.740bn in July-May period this year as against $13.937bn over the previous year, indicating a decline of 1.41pc.
Of these, the import of crude oil was up by 9.73pc to $5.02bn in July-May period this year as against $4.574bn previous year. The rise in import of crude oil shows that refineries have picked up operations.
As a result, the share of domestic petroleum also increased in the total petroleum products consumption. The domestic refineries are now utililising almost its 90pc capacity.
Contrary to this, import of petroleum products dipped by 6.85pc to $8.72bn in July-May period this year as against $9.362bn over the same period of last year.
The second biggest factor for drop in demand for import of petroleum products was diversification of petroleum products produced in the domestic product.