Five months data shows total imports at $13.08bn,which is 23pc less than $17bn in last fiscal
Sunday, December 27, 2009
By Israr Khan
ISLAMABAD: Pakistan’s petroleum imports was nearly one-third ($3.78 billion) of its total imports during July-November 2009-10, however it is 31 per cent less than what was imported ($5.47 billion) during the corresponding period of the last fiscal. In volume, its imports increased but its low prices compared to previous year gave a cushion to the economy and shrank its money expenditures.
Independent economists believe that the rising trend in global crude oil prices and shortage of gas and other local energy sources could reverse the trajectory and increase POL imports in volume and financial terms in coming months.
The Federal Bureau of Statistics (FBS) figures released the other day revealed that during November 2009, petroleum imports increased by 13.35 per cent to $702.1 million over corresponding month of the last fiscal ($619.41 million).
During these five months, total imports stood at $13.08 billion, which is 23 percent less than $17 billion recorded in July-November 2008-09.
During the period under review, imports of almost all categories declined over previous year’s imports, indicating sluggishness of economy.
Petroleum Group: According to FBS bulletin, during the period under review, crude petroleum import stood at $1.388 billion against $2.43 billion last year, showing a decline of 42.86 per cent. Petroleum products import also showed reduction of 21.53 percent with $2.39 billion against $3.046 billion during the same period last year.
Agricultural and other chemical group: Imports under this head stood at $2.298 billion during July-November 2009-10 against $2.217 billion in corresponding period of previous fiscal depicting a decline of 8.71 percent. Plastic materials’ imports declined by 13.11 per cent to $445.67 million while manufactured fertilizers increased by 10.4 per cent to $384.05 million, insecticides by 51.16 per cent to $66.25 million and medicinal products imported increased by 40 per cent to $315.32 million over the previous year.
Machinery group: Imports in this group fell by 26.41 per cent to $2.17 billion. Economic managers believe that current reduction in machinery import exhibits reduced investment in these sectors, which will generate less economic activities. Under this head, power generation machinery imports declined by 10.1 per cent to $624 million, textile machinery 31.67 percent to $83.18 million, construction and mining machinery by 37.23 percent to $80 million, telecom related products imports down by 51.39 percent to $246.66 million during July-November 2009-10. Besides, official machinery imports down by 15.61 per cent to $102.3 million, electrical machinery and apparatus imports down by 25 percent to $283.3 million while, agriculture machinery and implements imports up by 7.33 percent to $50.56 million.
Food Group: The bulletin also said that for the import of food items, the country spent foreign exchange of $1.29 billion against $2.00 billion last year, showing 35.5 percent reduction. Un-milled wheat imports reduced by 97 per cent to $22.99 million, dry fruits and nuts 10 per cent to $27.87 million, tea 4.93 per cent to $99.92m, soybean oil 77.65 per cent to $3.0 million, palm oil reduced by 26.16 per cent to $470.54m.
Owing to sugar crisis, its import stood at $128.98 million against $3.76 million, showing an unprecedented 34-time increase. Pulses imports up by 21.57 per cent to $86.68 million, milk cream and milk food for infants by 17.4 per cent to $35.39 million and spices imports up by 4.26 per cent to $29.1 million during July-November 2009-10.
Metal Group: On the import of metal group, Pakistan spent $912.52 million against $1.052 million with 13.29 percent decline over July-November 2008-09. Under this head, iron and steel scrap was imported for $170.12 million against $226.28 million with 24.82 percent decline; iron and steel was imported for $449.47 million against $544.57 million with 17.46 percent decline.
Gold import during July-November 2009-10 stood at $44.3 million against $11.93 million in corresponding period of the last fiscal depicting 271 per cent increase and aluminium wrought and worked imports increased by 18.57 percent to $55.97 million against $47.2 million last year in same period.
Textiles: In textile group, total import was of $574.08 million against $733.36 million with 21.72 percent decline over corresponding period of last year. Under this head, Pakistan spent 144.94 million on raw cotton import, which was 51.42 per cent less than $298.35 million in previous period. Synthetic fibre imports declined by 3.21 per cent to $130.41 million and on worn clothing import, government spent $39.24 million against $44.83 million last year with 12.47 percent decline. On synthetic and artificial silk yarn imports economy spent $2119.4 million against $108.8 million last year, depicting a rise of 9.74 percent.
Transport Group: During July-November 2009-10, this group’s imports were down by 4.65 per cent to $531 million against $557 million in corresponding period of the last fiscal. The main sector of the group is the road transport that imported motor vehicles worth of $431.37 million and the same figure was quoted in corresponding period last year too.
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