Pakistan’s import bill increased substantially by 34.52 per cent YoY to $5.05 billion in May 2024.
Islamabad: The import bill for Pakistan’s petroleum group saw a slight year-on-year (YoY) increase in May 2024, reaching $1.36 billion, up by 1.52 per cent from the $1.34 billion recorded in May 2023.
This information was revealed in the latest data released by the State Bank of Pakistan (SBP).
On a month-on-month (MoM) basis, the import bill for petroleum products rose by 8 per cent, from $1.26 billion in April 2024. Petroleum products accounted for 26.99 per cent of the total import bill in May 2024.
For the 11-month period of the fiscal year 2023 (11MFY23), the import bill of petroleum products showed a significant decline of 23.2 per cent YoY, amounting to $13.7 billion compared to $17.84 billion during the same period the previous year.
Overall, Pakistan’s import bill increased substantially by 34.52 per cent YoY to $5.05 billion in May 2024. On a monthly basis, imports grew by 13.44 per cent compared to the $4.45 billion recorded in April 2024.
Despite this increase, cumulative imports for the 11-month period of FY24 decreased slightly by 2.25 per cent YoY, totaling $48.4 billion compared to $49.52 billion in the same period of FY23.
In the transport sector, the import bill rose significantly by 81.78 per cent YoY to $166.45 million in May 2024, up from $91.56 million in May 2023. This rise is primarily due to the increased import of road motor vehicles, which surged by 120.63 per cent YoY to $157.87 million from $71.55 million in May 2023.
On a MoM basis, transport imports grew by 41.67 per cent compared to $117.49 million in the previous month. Cumulatively, transport sector imports in 11MFY24 increased by 19.03 per cent YoY to $1.43 billion, compared to $1.2 billion in 11MFY23.
Other significant import groups in May 2024 included the Machinery Group and the Agriculture & Other Chemical Group, with import values of $848.49 million and $802.93 million, respectively.
The import of agricultural and other chemicals showed an increase of 29.82 per cent YoY and 8.46 per cent MoM, reaching $802.93 million.
Read more:Chief Minister Punjab Takes Action to Reduce Transport Fares amid Petrol Price Drop
These figures highlight the varying trends in Pakistan’s import sectors, reflecting both growth and declines in different areas over the past year.
