ISLAMABAD: The petroleum group’s import bill surged to $1.22 billion in July 2024, reflecting a 40% year-on-year increase compared to $874.76 million in July 2023, according to data from the State Bank of Pakistan (SBP).
In contrast, imports of petroleum products declined by 16.08% month-on-month from $1.46 billion in June 2024.
Petroleum products accounted for 25.41% of the total import bill in July 2024.
It’s worth noting that the overall import bill rose by 16.34% year-on-year to $4.82 billion in July 2024. On a monthly basis, imports increased by 4.08% compared to $4.63 billion in June 2024.
In the transport sector, the import bill dropped by 4.81% year-on-year to $147.78 million in July 2024, down from $155.25 million in July 2023.
The second and third largest import categories were the Machinery Group and Agricultural & Other Chemicals, with import values of $897.51 million and $801.54 million, respectively, in July 2024. The import of agricultural and other chemicals saw a 1.17% year-on-year decrease but a 20.11% increase month-on-month, reaching $801.54 million.
Food imports fell by 15.22% year-on-year to $535.52 million in July 2024, compared to $631.67 million in July 2023. However, on a monthly basis, food imports rose by 26.87% from $422.1 million in June 2024.
Within the food group, palm oil was the largest import, valued at $264.49 million, a decrease of 5.77% year-on-year. The import of pulses also declined by 17.07% year-on-year, amounting to $54.11 million in July 2024.
Sequentially, palm oil imports increased by 37.85%, while pulse imports surged by 79.39% month-on-month.
The food group was the fourth major import category, with an outflow of $535.52 million, down 15.22% year-on-year but up 26.87% month-on-month.
The metal group’s import bill stood at $454.44 million, showing a 37.43% year-on-year increase and a 35.73% rise month-on-month in July 2024.
Under the Textile Group, Pakistan’s import expenditure reached $390.68 million during the review period, marking an 11.9% year-on-year increase and a 10.52% month-on-month rise.
