Pakistan’s oil imports surge

 26 Sep 2017 - 23:09

Pakistan’s oil imports surge
Oil tankers pass the skyline of Singapore, June 8, 2016 (REUTERS / Edgar Su)


Islamabad:  Pakistan’s oil import bill rose nearly 35 percent year-on-year to $2.03bn in the first two months of this fiscal year. The share of oil in Pakistan’s total import bill in the July-Aug period was 21 percent, which is putting more pressure on the country’s balance of payments.
Official figures compiled by the Pakistan Bureau of Statistics (PBS) show that import of petroleum products went up 19pc in value. However, 58 percent growth was recorded in terms of quantity of petroleum products. Import of petroleum crude posted a growth of 67 percent in value and 63 percent in terms of quantity during the period under review.
In the petroleum group, the import bill of liquefied natural gas surged 59 percent while that of liquefied petroleum gas recorded growth of 83 percent during the period under review.
Machinery arrivals, the second-biggest component in the import bill, rose 6.2 percent year-on-year to $1.96bn in the first two months of 2017-18.
However, power generating machinery and office machinery went down by 19 percent and 16 percent, respectively.
Textile machinery and construction machinery posted growth of 16 percent and 4 percent during the period under review.  A positive growth was witnessed in the import bill of the telecom sector because of an increase in the import of mobile phones and other apparatus. Import of mobile sets witnessed 40 percent growth in just two months of the current fiscal year.
The imports of foodstuffs recorded a growth of 27 percent during the July-August period of this fiscal year. This increase has been attributed to massive imports of palm oil worth $360m followed by ‘other’ food items ($395m), pulses ($102.6m) and tea ($96m).
Imports of dry fruits and milk products also grew during the period under review.