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Pakistan’s fuel oil imports dip 60% in April 2023: PBS data

ISLAMABAD: Pakistan’s fuel oil imports recorded a massive 60% decline in the month of April this year.

In the US dollars, in April 2023, the oil imports fell to $891 million, compared to $2.23 billion in April 2022. Thus, on a yearly basis, the oil imports dropped by 60% last month.

The Pakistan Bureau of Statistics (PBS) has reported this development in its latest data released on Monday.

Pakistan's fuel oil imports dip 60% in April 2023: PBS data

In April this year, the total import bill of Pakistan also fell by 21.46% on a month-on-month basis and 55% on a yearly basis. In April 2023, the national imports fell to $3.81 billion, from $6.66 billion in April 2022.

With regards to the transport sector, the import bill fell 32.74% MoM and a significant 82.73% YoY in April 2023.

This huge decline was mainly seen in imports of road motor vehicles (build unit, CKD/SKD). It dropped to $62.66m compared to $87.89m in March 2023 and $275.35m in April 2022, according to Mettis Global.

The import of medicinal products went down by 47.75% YoY and 46.92% MoM in April 2032 to clock in at $71.25m.

Whereas, the country’s food imports narrowed by 33.61% MoM and 36.88% YoY to $429.11m in April 2023 as compared to $646.34m in March 2023 and $679.86m over the corresponding period last year.

Although, exports also declined by 29.11% in the month of April, this massive 60% plunge in import bills improved the county’s trade deficit by a significant margin, reflecting the impact of import restrictions lately.

Consequently, Pakistan’s merchandise trade deficit for the month of April 2023 clocked in at $860m compared to a deficit of $3.76bn in April 2022, plummeting by 77.15% YoY.

Similarly, on a sequential basis, the deficit shrank by 40.44% MoM from $1.44bn in March 2023.

Amidst economic slowdown in the country’s major export market, energy shortages, and frequent closure of local manufacturing units, the exports registered a decrease of 26.23% YoY and around 10% MoM to $2.1bn.

Cumulatively, within 10MFY23, the trade deficit stood at $23.7bn, narrowed by 39.65% YoY compared to the deficit of $39.27bn recorded in the same period last year.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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