Friday, January 15, 2021

Pakistan: Oil Imports declines by 17% YoY 

Featured

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac,...

IFN declares SBP as top central bank for promoting Islamic finance

State Bank of Pakistan (SBP) has been voted as the Best Central Bank in promoting Islamic finance for the...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Data released by Pakistan Bureau of Statistics for the month of Feb’19, trade deficit during the month stands at USD 2.29bn, down by 20% YoY and 7% MoM. Exports for Feb’19 settled at USD 1.89bn, remained flat on yearly basis while down by 8% MoM due to fewer working days in February, coupled with escalation of Indo-Pak crisis which resulted in closure of air space and lesser activity on ports.

- Advertisement -

On the other hand, imports plummeted by 12% YoY and 7% MoM to USD 4.18bn due to lower imports of petroleum product which dominated one third of total import and remaining from transport, machinery and textile.

The decline in volumetric oil imports is on the back of change in power generation mix from FO to RLNG along with lower demand of retail fuel given slowdown in economic activity.

During 8MFY19, trade deficit clocked in at USD 21.5bn, down by 11% YoY compared to USD 24.2bn in 8MFY18.

This improvement in trade balance is due to slight growth in exports of 2% YoY to USD 15.1bn, whereas imports witnessed a decline of 6% YoY to USD 36.6bn.

Meanwhile, the incumbent government’s efforts have started bearing fruits as imports declined by 6% after drastic currency depreciation of 21% YoY and hike in regulatory and custom duties.

- Advertisement -
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
- Advertisement -

Latest News

As You Likee: Express more, Create more with Likee’s In-App Features

The online short videos platform is rapidly becoming the content production application of choice for hundreds of thousands of...

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend the democracy of the United...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac, the Indonesian health minister said...

IFN declares SBP as top central bank for promoting Islamic finance

State Bank of Pakistan (SBP) has been voted as the Best Central Bank in promoting Islamic finance for the fourth time by a poll...

Breaking: Ontario premier ordered state of emergency amid COVID killer wave

The Ontario government has issued a stay-at-home order for at least 28 days requiring everyone to remain at home with exceptions for essential purposes,...

Related News