BUSINESS/FINANCE
Petroleum Imports Rise by 1.68% in First Four Months of FY 2024-25
The Pakistan Bureau of Statistics (PBS) has reported a 1.68% increase in petroleum group imports during the first four months (July-October) of FY 2024-25. Imports stood at $5.11 billion, up from $5.03 billion during the same period last year.
Within the petroleum group, petroleum product imports declined by 18.89%, falling to $1.75 billion. However, petroleum crude imports rose by 16.80%, reaching $1.73 billion. Additionally, liquefied natural gas (LNG) imports increased by 10.97%, and liquefied petroleum gas (LPG) imports surged by 56.03%.
On a year-on-year basis, October 2024 saw a significant 30.55% decrease in petroleum imports, totaling $1.06 billion compared to $1.53 billion in October 2023. Month-on-month, imports fell by 23.61% from September 2024.
Interestingly, the merchandise exports from Pakistan grew by 13.45% during the first four months of FY 2024-25, while imports rose by 5.17%. The trade deficit shrank by 5.59%, improving from $7.38 billion last year to $6.97 billion this year.