Gold import rises 48.02pc in 4 months

ISLAMABAD: The import of gold during first four months (July-October) of current fiscal year increased by 48.02 per cent as compared to same period of previous year.

The gold import during the period under review recorded 185 kilogram worth US $7.4 million against import of 139 kg valuing $5 million last year.

On yearly and monthly basis, the import of yellow metal in October 2017 also witnessed an increase of 14.96 per cent and 48.7 per cent when compared with the import of October 2016 and September 2017 respectively, latest data of Pakistan Bureau of Statistics reported.

The gold import rose to $1.73 million in October 2017 from $1.511 million in October 2016 and $1.168 million in September 2017.

Similarly, the overall metal group import also increased by 40.85 per cent in July-October (2017-18) to $1.751 billion from $1.24 billion in same period of previous year.

Iron and steel scrap import also surged by 107 per cent  as it rose to $535.658 million in first four months of current fiscal year from $257.66 million in July-October (2016-17).

Likewise, the import of iron and steel also rose to $777.6 million in Jul-Oct (2017-18) from $620.24 million in same period of preceding fiscal year thus showing an increase of 25.37 per cent.

Aluminum wrought and work import also increased by 17.43 per cent from $57.68 million in July-Oct 2016-17 to $67.73 million.

On month-on-month and year-on-year basis the overall metal group import in October rose by 29 per cent and 5.88 per cent when compared with the import of October 2016 and September 2017.

Similarly the import of iron and steel scrap also increased to $121.73 million in October 2017 from $64.5 million in October 2016 and $118.06 million in September 2017, showing an increase of 188.55 per cent and 3.1 per cent respectively.

In addition, iron and steel import in October 2017 increased by 4.02 per cent and 0.86 per cent when compared with the import recorded during October 2016 and September 2017 respectively.

The iron and steel import in October was recorded at $182.33 million while in October 2016 and September 2017 it was recorded at $175.29 million and $180.77 million respectively.