The country’s oil and food imports moved up by 78 percent to $12.4 billion during the first five months of this fiscal year as compared to $6.97 billion during this period, last year.
During the period from July to November, this year, the total import bill moved up by 69.57 percent to $33.01 billion as compared to $19.46 billion during the same period, last year. According to the data released by the Pakistan Bureau of Statistics, the share of oil and eatables in the total import bill increased by 37.56 percent in the period from July to November, this year.
The breakup shows that the import of petroleum products increased by 128.89 percent in value and 26.35 percent in quantity. The crude oil import moved up by 89.48 percent in value and 1.81 percent in quantity during the period, under consideration.
Read more: Mounting imports push trade deficit up 103% in 4 months
The import bill of oil went up by 112.33 percent to $8.38 billion in the first five months of the current fiscal year as compared to $3.95 billion during the same period, last year.
Moreover, the food imports moved up by 32.99 percent to $4.02 billion in the period, under review as compared to $3.02 billion during this period, last year. Other than these products, 0.6 million tons of sugar and 4 million tons of wheat are also going to be imported as per instructions of the government to maintain the strategic reserves.
The import of palm oil also increased by 73.34 percent in value to $1.52 billion in the first five months of this financial year as compared to $876.019 million during this period, last year. The prices of palm oil in the international market increased tremendously.
The import of soya bean oil, however, decreased by 10.79 percent in value and 52.34 percent in quantity during the period, from July to November this year as compared to the same period, last year.
