Pakistan’s oil import bill has slightly decreased during previous financial year 2013-14 mainly because of the sharp rupee appreciation and declining prices of oil in the international market.
The country has imported petroleum products worth of $14.838 billion during last year as against $14.972 billion of the preceding year 2012-13 registering a minor of 0.90 percent, showed the data of Pakistan Bureau of Statistics (PBS). The break-up of $14.972 billion revealed that country has imported petroleum products worth of $9.063 billion and petroleum crude worth of $5.775 billion during the previous fiscal year ended on June 30 2014.
The main reasons behind the minor decline are sharp rupee appreciation against the US dollar and decline in oil prices in international market. The dollar has lost it value during previous year to Rs 111 from November 2013 to Rs 98. The declining oil prices on one side have reduced the import bill but it also reduced the tax collection. The Federal Board of Revenue (FBR) had missed the twice-revised revenue collection target of Rs 2275 billion during last financial year 2013-14 mainly due to the reduction of imports.
According to the PBS latest figures, the country’s overall imports bill stood at $45.113 billion against the exports $25.132 billion leaving trade deficit at $19.98 billion during previous financial year 2013-14.
Apart from oil import bill, the country has imported food commodities worth of $4.182 billion during last financial year 2013-14 as against $4.188 billion of the preceding year 2012-13. The break-up of food import bill showed that country has imported milk, cream & milk food for infants worth of $163 million, wheat $107 million, dry fruits $104 million, tea $300 million, spices $91 million, soybean oil $111 million, palm oil $1.8 billion, sugar $6.177 million, pulses 307 million and all other items worth of $1.131 billion during precious financial year 2013-14.
Meanwhile, according to the PBS figures, the country has imported machinery worth of $6.44 billion during last financial year 2013-14, which was 12.89 percent higher than the import of preceding year. The break-up of power generating machinery worth of $1.070 billion, textile machinery, $599 million, construction & mining machinery $243 million, electrical machinery and apparatus $1.123 billion, telecom $1.345 billion and all other machinery worth of $1.770 billion during last fiscal year 2013-14.
According to the PBS figures, the country has imported transport group worth of $2.178 billion during last financial year that is 10.62 percent lower than its preceding year. However, textile sector import has enhanced by 3.7 percent, as it recorded at $2.708 billion during period under review as against $2.611 billion of the preceding year. Meanwhile, the import of agricultural and other chemicals group has stood at $6.705 billion as against $6.416 billion showing an increase of 4.51 percent. Similarly, the import of metal group worth of $3.102 billion, miscellaneous group worth of $908 million and all other items imports stood at $4.047 billion during last fiscal year 2013-14.
Source: Nation
