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POL imports rise due to energy crisis

The roiling energy crisis has pushed up the country’s spending on imported petroleum and products to more than one-third of the amount spent on total imports. Approximately $8.84 billion were spent on the import of petroleum and associated products between July 2012 and January 2013, shows data released by the Pakistan Bureau of Statistics (PBS) on Thursday.

According to PBS figures, almost $8.766 billion were spent on the import of petroleum and its products over the same period in the last fiscal.

During the first seven months of current fiscal year, the share of petroleum and its products import was 34.4 percent of the country’s total imports of $25.685 billion. In monetary terms, import of petroleum products declined by 4.24 percent to $5.615 billion and in quantity terms, imports declined by 5.36 percent to 7.38 million metric tons over the same period in the last fiscal. However, crude petroleum imports increased by 11.2 percent to $3.22 billion and by 16.6 percent to 4.09 million metric tons.

Pakistan also spent $2.6 billion on food stuff import during the period under review, which was 14.48 percent less than what was spent ($3.04 billion) in the last fiscal. Of this, almost $1.21 billion were spent on the import of palm oil, which was 16.16 percent less than the amount spent in the last fiscal. About 9.6 percent more dollars were spent on tea imports, which stood at $221.7 million. Furthermore, the import of spices declined by 33.2 percent to $40.4 million.

During the seven-month period of FY13, manufactured fertiliser imports dipped by 54.35 percent to $416.71 million, plastic materials by 11.5 percent to $803.4 million, insecticides by 50 percent to $40.8 million, while the import of medicinal products increased by 12.70 percent to $446.2 million over the corresponding period of last year.

Imports in the machinery group increased by three percent to $3.367 billion in the first seven months of the current fiscal. Of this, telecom sector imports accelerated by 32.47 percent to $979 million ($408.4 million were spent on mobile phone imports only), construction and mining machinery imports stood at $89.2 million (witnessing a rise of 10.9 percent), and office machinery worth $153.4 million was also imported, (up by 2.56 percent). While imports of textile machinery plummeted by 11.35 percent to $222.6 million, the import of power generation machinery grew by 10.1 percent to $585.6 million, that of electrical machinery and apparatus by 10 percent to $457.8 million and agricultural machinery by 17.76 percent to $66.3 million in the period under review.

Transport group imports declined by 7.2 percent to $1.1 billion during the same period. Under the completely built units’ category, between July 2012 and January 2013, imports of buses, trucks and other heavy vehicles increased by 16.6 percent to $87.3 million, while motor car imports increased by 10.6 percent to $220 million. In the completely knocked down/semi-knocked down category, imports of buses, trucks and other heavy vehicles rose by 24.4 percent to $89.8 million, while import of motor cars fell by 21.1 percent to $214.5 million.

Gold, iron and steel scrap, iron, steel, and aluminum imports were up by 11.9 percent to $1.813 billion. Under this group, gold import increased by 31.87 percent to $123.38 million. About $394 million of iron and steel scrap and $842.8 million of iron and steel were imported during the period under review.

Import of raw cotton increased by 68.7 percent to $435.6 million, while synthetic and artificial silk yarn imports decreased by 12.5 percent to $318 million and synthetic fibre also fell by 28.7 percent to $227.8 million.

On the other hand, textiles exports during the period under review stood at $7.51 billion against $6.928 billion in the same period of the last fiscal, showing an increase of 8.4 percent. Rice exports dipped by 5.58 percent to $1.05 billion over $1.115 billion recorded last fiscal.Petroleum and coal exports declined by 99 percent to $5.14 million against $626.8 million in the corresponding period in the last fiscal. Meanwhile, export of raw cotton declined by 56.6 percent to $90.6 million, bed wear by 3.8 percent to $1.02 billion and art, silk and synthetic textiles by 17.7 percent to $253 million. Export of wheat declined by 57.7 percent to $40 million, tobacco by 29.8 percent to $11.38 million, basmati rice by 33 percent to $315.8 million over the same period of the last fiscal. Export of fish and fish preparations increased by 3.4 percent to $180.2 million, vegetables by 53.6 percent to $89.8 million, spices by 33.4 percent to $34.5 million and meat and meat preparation by 41.5 percent to $135.8 million over the same period last fiscal year.

Carpets, rugs and mats exports declined by 5.6 percent to $69.9 million, leather manufacturers by 2.17 percent to $326.47 million, while leather tanned exports increased by 1.9 percent to $251.4 million over the corresponding period of the last fiscal.

July 2012-Jan 2013

Total imports: $25.69 billion

POL imports: $8.84 billion

Textile exports: $7.51 billion

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