Do you know Pakistan’s Petroleum Imports Fell by 16% in January? According to the Pakistan Bureau of Statistics, Pakistan’s petroleum group imports saw a negative growth of 9.27 percent during the first seven months (July-January) of the current fiscal year 2022-23 (FY23), coming in at $10.611 billion as opposed to $11.696 billion during the same period last fiscal year (PBS).

According to the PBS’s data on imports and exports, petroleum group imports fell by 12.42 percent year over year (YoY) from $1.514 billion in January 2022 to $1.326 billion in January 2023, a reduction of 16.34 percent on a monthly basis (MoM) and $1.326 billion from $1.585 billion in December.

Explore the Contents

1 Pakistan’s Petroleum Imports
2 Agricultural imports
3 Machinery imports
4 Transport imports
5 Food imports
6 Overall imports

Pakistan’s Petroleum Imports

Petroleum products saw a 14.74 percent decline in growth during the first seven months of FY23, falling from $5.734 billion in the same period of FY22 to $4.889 billion in FY23.

On a month-over-month basis, they increased by 5.81 percent to $687.615 million in January 2023 from $649.862 million in December 2022. Petroleum product imports increased 1.47 percent year over year from $677.684 million in January 2022.

In the first seven months of FY23, imports of petroleum crude increased by 10.90% to $3.1 billion from $2.795 billion in the corresponding period of FY22. Petroleum oil imports decreased by 35.51 percent month over month, from $502.858 million in December 2022 to $324.294 million in January 2023. When compared to January 2022’s $385.280 million, petroleum crude imports saw a negative YoY rise of 15.83 percent.

The first seven months of the current fiscal year saw a negative growth of 20.84 percent in natural gas (liquefied) imports, which were $2.192 billion compared to $2.769 billion during the same time last fiscal year.

Agricultural imports

Imports of agricultural products and other chemicals experienced a 35.45 percent decline in the first seven months of the current fiscal year, falling to $5.826 billion from $9.025 billion during the same time the previous fiscal year.

Machinery imports

Imports of machinery as a group experienced a 45.15 percent decline in the first seven months of the current fiscal year, falling to $3.734 billion from $6.809 billion during the same period of the previous fiscal year. In the first seven months of the current fiscal year, sales of power generation apparatus decreased by 69.26 percent and were $332.225 million as opposed to $1.080 billion during the same period of the previous fiscal year.

Transport imports

For the first seven months of the current fiscal year, imports of transport group products experienced a 50.61 percent negative growth and were $1.3 billion compared to $2.642 billion during the same period last fiscal year.

Food imports

Imports of the food group increased by 6.29 percent in the reviewed period to $5.983 billion from $5.629 billion in the comparable period of the previous fiscal year.

Overall imports

In comparison to the same period last year, when imports were $46.598 billion, the country’s imports during July–January FY23 totaled $36.093 billion (provisional), a decline of 22.54 percent.

The imports decreased by 5.41 percent from $5.154 billion in December 2022 to $4.875 billion (provisional) in January 2023. In addition, imports in January 2023 decreased by 19.23% from $6.036 billion in January 2022.
Trade deficit

During the first seven months of FY23, Pakistan’s trade deficit decreased by 32.10 percent to $19.594 billion from $28.859 billion during the same time the previous fiscal year.

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