Import bill of oil, eatables surges

Tuesday, May 22nd, 2012 8:00:03 by

ISLAMABAD, May 21: Im-port bill of oil and eatables surged by 28.6 per cent in the first 10 months of 2011-12 over the same period last year, suggested data of Pakistan Bureau of Statistics released on Monday.

In absolute terms, July-April import bill of these commodities reached .812 billion as against .072 billion in the same period last year, causing a higher than expected trade deficit.

As a result, total import bill reached .042 billion during the period under review as against .262 billion over the corresponding period last year, showing an increase of 14.81 per cent.

The share of these two sectors in total import bill also reached 45.38 per cent this year from 40.5 per cent last year, reflecting an increasing dependence of the country on import of these items.

Statistics showed that oil import bill reached .582 billion in July-April period this year, up by 43.52 per cent from .767 billion last year.

The surge in import of value-added petroleum products showed a growth of 69.81 per cent as it reached .354 billion in July-April period as against .919 billion in the same period last year.

It indicated that Pakistani refineries were underperforming.

Analysts attributed unresolved issue of circular debt to weak performance of local refineries.

Import of crude oil was up by 9.89 per cent to .228 billion as against .847 billion in the same period last year.

Increase in import of petroleum crude and valued-added products was because of rising oil prices in the international market.

The depreciation of rupee further added up the import value of oil during the period under review.

The import bill of eatables reached .230 billion in the July-April period of this fiscal year against .305 billion in the same period last year, reflecting a slight decrease of 1.73 per cent.

In food group imports, major contribution came from edible oil, spices, tea and pulses.

Edible oil imports witnessed a substantial increase during the period under review in quantity, value and value terms.

Falling international prices, strong domestic demand and cut in import duty encouraged import of palm oil which recorded a growth of 18.26 per cent in the first 10 months this year.



Islamabad News Sources

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