Jul-Oct: Petroleum group imports register negative growth of 16.93pc

ISLAMABAD: Petroleum group imports witnessed a negative growth of 16.93 percent during the first four months (July-October) of the current fiscal year and stood at $5.029 billion when compared to $6.054 billion during the same period of last fiscal year, Pakistan Bureau of Statistics (PBS) said.

The data of exports and imports released by PBS revealed that petroleum group imports increased by 28.54 percent on a year-on-year (YoY) basis and stood at $1.527 billion in October 2023 when compared to $1.188 billion during October 2022.

On a month-on-month basis, it registered 14.76 percent growth when compared to $1.330 million in September 2023.

Petroleum products imports witnessed 23.99 percent negative growth during July-October 2023-24 and remained at $2.161 billion compared to $2.844 billion during the same period of last fiscal year.

On a MoM basis, it registered 18.69 percent growth and stood at $646.098 million in October when compared to $544.364 million in September 2023. On a YoY basis, petroleum products registered 41.89 percent growth when compared to $455.340 million in October 2022.

The overall imports during July-October, fiscal year 2023-24 totalled $17.091 billion (provisional) as against $20.910 billion during the corresponding period of last year showing a decrease of 18.26 percent.

The imports in October 2023 were $4.864 billion (provisional) as compared to $3.994 billion in September 2023 showing an increase of 21.78 percent and by 6.18 per cent as compared to $4.581 billion in October 2022.

Copyright Business Recorder, 2023