According to data released by the Pakistan Bureau of Statistics (PBS), the import of petroleum products has declined by 20% during the first nine months (July-March) of the current fiscal year 2022-2023.
The import of petroleum products witnessed a decline from $7.287 billion during the same period of the last fiscal year to $5.836 billion in the current fiscal year.
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On a month-on-month (MoM) basis, the import of petroleum products registered 4.61% growth, remaining at $484.024 million in March 2023 compared to $462.706 million in February 2023. However, on a year-on-year (YoY) basis, petroleum products’ imports witnessed a negative growth of 53%, compared to $1.029 million in March 2022.
Moreover, petroleum group imports also registered negative growth of 11.66% during the first nine months of the current fiscal year, standing at $13.083 billion, compared to $14.810 billion during the same period of the last fiscal year, as per the PBS.
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The data further revealed that petroleum group imports in March 2023 remained at $1.206 billion, showing a 35.19% negative growth on a YoY basis compared to $1.861 billion in March 2022.
On the other hand, petroleum crude imports grew by 4.69% during the first nine months of the current fiscal year and remained at $3.860 billion compared to $3.686 billion during the same period of the last fiscal year. However, on a MoM basis, petroleum crude imports registered 1.57% negative growth, remaining at $105.668 million in March 2023 compared to $383.137 million in February 2023. On a YoY basis, petroleum crude imports witnessed a negative growth of 28.85%, compared to $530.025 million in March 2022.
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In addition, the import of agricultural and other chemicals group also witnessed a significant decline of 36.99% during the first nine months of the current fiscal year and remained at $6.994 billion compared to $11.101 billion during the same period of the last fiscal year.
