ISLAMABAD  -   Pakistan’s oil import has shrunk by 7.63 percent in nine months (July to March) of the current fiscal year. The country imported oil commodities worth $12.084 billion in July to March period of the year 2023- 24 as against $13.083 billion in the same period of the previous year, showing a decline of 7.63 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). In this group, import of petroleum products has reduced by 21.02 percent to $4.609 billion. Import of crude has enhanced by 3.26 percent to $3.98 billion, natural gas liquefied import has increased by 1.99 percent to $2.908 billion during the period under review.

Meanwhile, import of food has declined by 14.23 percent to $6.3 billion during July to March period of the current fiscal year 2023-24 from $7.333 billion in the same period of the previous year. In the food group, the PBS data showed that the government has spent $2.084 million on import of palm oil, which is 28.55 percent less than the import of $2.9 billion in the same period of the previous year. The government has imported pulses worth $637 million in July to March 2023-24 as compared to $757.8 million in the same period of last year, showing a decrease of 15.91 percent. Meanwhile, the import of sugar has reduced by38.69 percent. However, the soybean imports have declined. The country has spent $495 million on importing tea, which is 13.89 percent higher than the import of previous year.

The data showed that machinery group imports recorded 30.3 percent growth during the first nine months of the current fiscal year and remained at $5.85 billion as compared to $4.49 billion during the same period of last fiscal year. Power generation machinery registered 25.83 percent negative growth during the first nine months of the current fiscal year and remained at $296 million compared to $398 million during the same period of the last fiscal year.

Transport group imports witnessed 19.17 percent negative growth during the period under review. It remained at $1.239 million as compared to $1.533 billion during the same period of last fiscal year. According to the latest data of Pakistan Bureau of Statistics (PBS), the country’s trade deficit has narrowed by 24.94 percent during the July- March period of the current fiscal year. The trade imbalance, gap between exports and imports, was recorded at $17.030 billion as against $22.7 billion during the same period of last fiscal year. Pakistan’s exports have enhanced by 8.93 percent to $22.9 billion during July-March of the year 2023-24 as compared to $21.03 billion in the corresponding period of the last fiscal year. Meanwhile, imports declined by 8.65 percent to $40 billion during the first nine months of the current fiscal year as compared with $43.7 billion in the same period of the last fiscal year. Pakistan’s textile exports were recorded at $12.44 billion during nine months (July to March) of the current fiscal year, showing minor decline of 0.25 percent. The country’s textile exports were recorded at $12.44 billion during July to March period of 2023-24 as against $12.48 billion in corresponding period of last year.