Pakistan’s oil import bill increased by around 18% in just 5 months of the current fiscal year.
Oil import bill of Pakistan surged to $6.54 billion in just 5 months, as revealed by Pakistan Bureau of Statistics. PBS data revealed the update on Monday (yesterday). In addition, barring textile group and agriculture products, imports from all groups including the items related to machinery resulted in the negative growth.
The information for July-November recommend that the trade deficit, which has ascended to disturbing dimensions, has just begun a declining pattern.
Thusly, the import bill amid the five months declined by 2.77% year-on-year to $4.6 billion. Therefore, the trade deficit declined by 2.03% year-on-year to $14.5 billion during the same period.
The information demonstrates a changing pattern in the imports, with hardware related imports enrolling a peripheral decrease, and oil imports — including LNG — bill expanding in extensive part because of the ascent in worldwide oil costs.
For various years now, machinery imports have been a reason for significant purpose behind the legislature since they have ceaselessly fuelled trade deficit yet since the previous couple of months, as they seen a decrease in imports.