Oil imports shrink 16pc in 1Q.

Byline: Imran Ali Kundi

ISLAMABAD -- Pakistan's oil imports have reduced by over 16 percent in first quarter (July to September) of the current fiscal year.

The country spent $3.16 billion on importing oil in July to September period of the year 2019-2020 as compared to $3.78 billion in the corresponding period of the previous year, according to the trade figures released by the Pakistan Bureau of Statistics (PBS). The massive reduction in oil imports had helped in reducing overall imports of the country. Pakistan's imports were recorded at $11.25 billion in first quarter of the current fiscal year as against $14.17 billion in the same period of previous year, showing reduction of 20.59 percent.

The PBS data showed that the import of petroleum products had shown decline of 17.25 percent to $1.32 billion. Similarly, import of petroleum crude had reduced by over 32.53 percent to $811 million. Meanwhile, imports of natural gas liquefied had cost $965 million and imports of petroleum gas liquefied recorded at $60.8 million.

All the groups including food group, petroleum good, consumer durables and raw materials have witnessed hefty decline in imports during the July-September period of 2019-20 over the same period last year. Food imports had contracted 24.78 percent to $1.096 billion during July-September period of 2019-20, from $1.458 billion in corresponding months last year. This decline was largely due to a 41.88 percent fall in the value of milk, cream and milk food for infants. Similarly, imports of transport group had posted a 32.02 percent decline, with decrease in imported value of almost all subcategories. On the other hand, agriculture imports inched down by 21.85 percent to $1.816 billion in July-September period of the current fiscal year from $2.324 billion in the same period of last year.

According to PBS figures, the country's exports have...