ISLAMABAD - Pakistan has spent $2.632 billion on oil import during the first couple of months (July-August) of the ongoing financial year 2013-14 over the corresponding period of the previous year, revealed the figures of Pakistan Bureau of Statistics on Friday.
According to the latest figures of Pakistan Bureau of Statistics (PBS), country has spent $2.632 billion during July-August 2013-14 period as against $ 2.795 billion of July-August 2012-13 showing a decrease of over five percent. In oil import bill, the country spent $1.665 billion on petroleum products and $967.707 million on import of petroleum crude during the period under review.
The trade analysts are of the view that oil import bill would enhance in the months to come owing to the government’s proposed plan to provide zero gas supply to CNG stations, as this would increase the demand of petroleum products in the country. Similarly, they said that rupee deprecation against US dollar is also making imports ‘expensive’, as all imported commodities purchased through dollar. Dollar value has reached to around Rs 107 in open market, which was around Rs 100 in June 2013.
Meanwhile, according to the PBS figures, country imported foodstuff worth of $653.187 million during first two months of the current fiscal year 2013-14. The break-up of $653.187 million revealed that import bill of milk products went down by 45.52 percent, dry fruits and nuts import down by 11.25 percent, import of tea increased by 2.7 per cent, import of spices decreased by 23 percent, soybean oil’s imports enhanced by 20.64 percent, palm oil import declined by 19.7 percent, sugar import decreased by2.58 percent, import of pulses went down by 40.42 percent and import of all other food items decreased by 18.36 percent during the period under review.
Meanwhile, according to PBS figures, the country imported machinery worth of $933.728 million, transport group imports stood at $192.168 million, textile group $349.284 million, agricultural and other chemicals $1.019 billion, metal group $526.157 million, miscellaneous group imports were recorded at $137 million and all other items imports remained $942.188 million during July-August period of the 2013-14 financial year.
It is worth mentioning here that Pakistan exports rose to $4.091 billion in July-August 2013-2014 period against imports of $7.39 billion. Therefore, trade imbalance recorded at $ 3.3 billion in the period under review.
Meanwhile, according to the figures of PBS, the country exported textile related goods worth of $2.305 billion during July and August 2013-14, which were $2.14 billion in same months of preceding year 2012-13, showing an increase of 7.24 percent in one year.
The break-up of $2.205 billion textile exports in July-August 2013-14 revealed that raw cotton exports have increased by 496 percent, cotton yarn exports increased by 16.77 percent, cotton cloth exports went up by 7.71 percent, cotton carded exports declined by 71.79 percent, yarn exports went up by 3.43 percent, knitwear export reduced by 1.07 percent, bed wear 9.6 percent, towels 7.1 percent, tents export enhanced by 1.89 percent, readymade garments’ up by 8.86 percent, art silk and synthetic textile exports decreased by 2.16 percent, made up articles export surged by 6.47 percent and other textile materials exports increased by 6.95 percent in July-August 2013-14 against the July-August 2012-13 period, said the PBS data.
The figures revealed that the country’s food exports also registered an increase of 10.17 percent during July-August 2013. The country exported foodstuff worth of $682.712 million in first two months of the ongoing financial year as against $619.694 million of the same month of preceding year 2012.