ISLAMABAD: The u . S .’s oil import bill rose 6.

.7 in line with cent yr-on-year to $9.Sixty one billion at some point of 8MFY19, consistent with statistics launched by way of the Pakistan Bureau of facts (PBS).

the proportion of oil accounted for 26.Three per cent of the full import invoice at some stage in July-Feb FY19, in comparison to 23pc at some point of the identical duration final 12 months. It suggests that regardless of the lower of over 6pc yr-on-12 months within the overall import invoice, coming at $36.63bn in the course of the period, oil invoice persevered to rise during the last year.

The government has already reached an know-how with Saudi Arabia for a 3-12 months deferred oil facility well worth $3bn. A similar facility become to start with deliberate UAE, but later got here to a standstill.

The lower in import bill brought about a decline of 11.03pc in exchange deficit year-on-year to $21.5bn throughout July-February this economic 12 months.

increase inside the bill of petroleum organization became pushed in particular by using surge in liquefied herbal gasoline at 57.84pc, crude oil 21.1pc while petroleum products had been down 14.27pc and petroleum gas 12.63pc in terms of cost.

In February, the overall import invoice become published at $4.179bn, decrease through 12.28pc, from $four.764bn in same length ultimate 12 months. On a month-to-month foundation, the lower in total import value stood down via 7.2pc from $4.503bn in January.

Barring petroleum and agriculture agencies, imports from all other categories reduced in size for the duration of the eight-month length.

machinery imports dipped 20.55pc to $6bn, from $7.5bn ultimate year with the decline led through shrinking imports electricity-producing equipment at 50.9pc, fabric equipment 11.52pc, creation and mining 22.21pc, electric 18.06pc and telecom 9.91pc.

transport organization, another primary contributor to the trade deficit, also receded throughout 8MFY19 because it dipped 30.09pc on back of decrease in all sub-classes.

in addition, food imports — the second one-largest element contributing to the total import tally — shrank 8.25pc 12 months-on-year to $3.68bn in 8MF19, from $4.217bn in identical duration last yr. The decrease become driven by way of an eight.2pc fall in palm oil even as other smaller sub-heads declined as properly.

The value of fabric imports clocked in at $1.92bn at some stage in July-February FY19, down 10.89pc, from $2.15bnin identical duration final yr. Raw cotton turned into the number one contributor to the autumn, as its imports plunged 28.22pc while the ones of synthetic and synthetic silk edged lower by means of 3.22pc.

steel group posted a minor decline of 2.42pc to $three.37bn for the duration of the 8 months, from $3.46bn in corresponding period final year. It became driven by using fall in iron and metal and iron and metal scrap via 5.18pc and 3.47pc, respectively.

posted in sunrise, March 17th, 2019