Pakistan’s Petroleum Imports Surges by 15.65%.

The State Bank of Pakistan (SBP) has recently released data showcasing a significant uptick in the import bill of the petroleum group, soaring to $1.43 billion in January 2024.

This reflects a substantial 15.65% month-on-month (MoM) surge from December 2023, which stood at $1.24 billion. Additionally, comparing year-on-year (YoY) data, there’s a 13.45% increase in petroleum product imports compared to January 2023, reaching $1.26 billion.

Notably, the petroleum group’s share in the total import bill for January 2024 hit 31.7%.

In contrast, the import bill for petroleum products in the first seven months of fiscal year 2023 experienced a significant 22.45% YoY decrease, settling at $8.78 billion compared to $11.33 billion in the corresponding period of the previous year.

Overall, the nation’s import bill witnessed a 16.02% YoY increase, reaching $4.51 billion in December. On a monthly basis, imports grew by 10% MoM compared to December 2023’s $4.1 billion.

Cumulatively, in the first seven months of fiscal year 2023, total imports recorded an 11.1% YoY decrease, totaling $29.76 billion compared to $33.48 billion in the same period of the previous fiscal year.

In addition to the petroleum group, the Agri. & Other Chemical and Food Group secured significant imports, amounting to $860.93 million and $695.07 million, respectively, in January 2024.

These trends in import bills offer valuable insights into Pakistan’s evolving trade landscape, signaling both challenges and opportunities for the nation’s economic stakeholders.

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