ISLAMABAD: Imports of the entire petroleum group decreased by 0.61 percent during the fiscal year 2023-24 compared to the corresponding period last year, the Pakistan Bureau of Statistics (PBS) said.
Total imports of the oil group during July-June (2023-24), according to PBS data, stood at $16,910.249 million against imports of $17,014.558 million during the same period last year.
Among petroleum commodities, imports of petroleum products decreased by 12.91 percent, from US$7,628.442 million last year to US$6,643,912 million during the period under review.
However, crude oil imports increased by 11.80 percent from US$4,947.216 million to US$5,531.129; liquefied natural gas by 4.84 percent, from $5,531.129 to $3,945.703, while imports of liquefied petroleum gas rose by 16.93 percent to reach $675.029 million compared to $789.287 last year.
Imports of all other petroleum group products decreased by 35.86 percent to $0.339 million from $0.218 million.
Meanwhile, the oil group’s imports recorded a 3.73 percent decline in June 2024 compared to the same month last year.
Crude oil import during June 2024 was recorded as USD 1,632.251 million against import of USD 1,571.302 million during June 2023.
On a month-on-month basis, the country’s crude oil imports during June 2024 decreased by 0.42 percent compared to imports of $1,577.878 million in May 2024, according to the data.
It is pertinent to mention here that the total trade deficit decreased by 12.32 percent to $24.089 billion during FY2024 compared to last year’s deficit of $27.474 billion.
During this period, exports from the country registered an increase of 10.54 percent and were recorded at $30.645 billion as against exports of $27.724 billion last year. On the other hand, imports into the country this year fell by 0.84 percent to $54.734 billion against last year’s imports of $55.198 billion.
