ISLAMABAD: Due to falling global oil and commodity prices, Pakistan saved US $3.3 billion in term of import bill in first nine months of Fiscal Year 2016.
According to the Economic Survey unveiled by Finance Minister Ishaq Dar here on Thursday, the country's overall import remained 4.3 percent less during July-March FY2016 compared to the same period last year.
Imports target was set at $43.2 billion (an increase of 6 percent) during FY2016, however in nine months of the current fiscal year, import remained 4.3 percent down compared to same period last year.
Food group generally constitute around 12.0 percent of the total import bill and in first nine months of July-March FY2016, the food group witnessed an increase of 2.7 percent.
Similarly, import of petroleum group declined by 37.2 percent (US $ 5,583.2 million) in July-March FY2016 as compared to the import of corresponding period ($8,896.6 million) of last year.
The machinery group contributed about 19.1 percent in the total import bill and import of the group increased by 14.0 percent from US$ 5,447.4 million in July-March FY2015 to US$ 6,212.9 million in July-March FY2016.
A slight decrease of 0.6 percent was witnessed in import bill of transport group from US$ 1915.8 in July-March, FY2015 to US$ 1904.6 in July-March, FY2016.
Likewise in textile group import of raw cotton posted an increase of 161.8 percent increase in value, backed by 254.7 percent increase in quantity during July-March FY2016 as compared to same period last year.
Metal group bill also surged by 11.5 percent during July-March, FY2016 over the same period last year.
The survey added that Pakistan imports from countries like China, Saud Arabia, UAE, and Indonesia constitutes 50 percent of the total imports.
During current fiscal year share of imports from China has sharply increased from 23 percent in last fiscal year to 27 percent during July-March 2015-16.
However, share of import from U.A.E, Saudi Arabia, Kuwait has fallen by 3 percent, 2 percent and 3 percent respectively during July-March 2015-16 as compared to same period last year mainly due to declining oil prices.