Pakistan’s monthly petroleum import bill rises to $1.36 billion

The State Bank of Pakistan (SBP) reported that the import bill for the petroleum group increased to $1.36 billion in May 2024, reflecting a 1.52 per cent year-on-year (YoY) rise from $1.34 billion in May 2023.

Month-on-month (MoM) figures also showed an 8 per cent increase from April 2024, when the bill stood at $1.26 billion. The share of petroleum products in the total import bill for May 2024 was 26.99 per cent.

In the first eleven months of the fiscal year 2023-24 (11MFY24), the petroleum import bill saw a significant decrease of 23.2 per cent YoY, amounting to $13.7 billion compared to $17.84 billion in the same period last year.

The overall import bill for May 2024 rose by 34.52 per cent YoY to $5.05 billion. On a MoM basis, imports grew by 13.44 per cent from $4.45 billion recorded in April 2024. However, cumulative imports for 11MFY24 dropped by 2.25 per cent YoY to $48.4 billion from $49.52 billion in 11MFY23.

The transport sector’s import bill soared by 81.78 per cent YoY to $166.45 million in May 2024, up from $91.56 million in May 2023. This increase is largely due to a significant rise in the import of road motor vehicles, which reached $157.87 million, marking a 120.63 per cent YoY increase from $71.55 million in May 2023.

On a MoM basis, transport imports rose by 41.67 per cent from $117.49 million in the previous month. Cumulatively, transport sector imports for 11MFY24 grew by 19.03 per cent YoY to $1.43 billion compared to $1.2 billion in 11MFY23.

The data underscores significant variations in Pakistan’s import patterns, reflecting both economic challenges and shifts in trade dynamics across various sectors.