Pakistan’s Q1 FY24 Petroleum Imports Drop by 28%

Web DeskOctober 18, 20234193 min
Pakistan's Q1 FY24 Petroleum Imports Drop by 28%

During the first quarter (July-September) of the current fiscal year (FY24), Pakistan’s petroleum group imports experienced a significant decline of 28.03 percent.

These imports amounted to $3.501 billion in this period, compared to $4.865 billion in the same period of the previous fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS).

On a year-on-year (YoY) basis, petroleum group imports decreased by 14.90 percent in September 2023, totaling $1.330 billion, compared to $1.563 billion in September 2022. On a month-on-month basis, there was a 3.55 percent negative growth when compared to the imports in August 2023, which stood at $1.379 million.

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Specifically, petroleum products imports saw a substantial negative growth of 36.55 percent during July-September FY24, amounting to $1.515 million compared to $2.388 billion during the same period in the previous fiscal year. On a month-on-month basis, petroleum products imports had an 11.45 percent negative growth, standing at $544.087 million in September 2023, compared to $614.781 million in August 2023. On a YoY basis, petroleum products registered a negative growth of 25.44 percent compared to imports in September 2022, which were $730.107 million.

The overall imports during the first quarter of FY24 amounted to $12.227 billion (provisional), showing a significant decrease of 25.12 percent compared to the corresponding period of FY23, when imports were $16.329 billion.

In September 2023, imports were $3.994 billion (provisional), which represented an 11.79 percent decrease compared to August 2023 when imports were $4.528 billion, and a 24.54 percent decrease compared to September 2022 when imports were $5.293 billion.

The main commodities of imports in September 2023 included petroleum products, petroleum crude, natural gas (liquefied), palm oil, plastic materials, electric machinery & apparatus, iron & steel, mobile phones, iron & steel scrap, and pulses (leguminous vegetables).

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