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Oil, food import bill up by 22pc

21 June, 2012

ISLAMABAD: Pakistan's oil and food import bill has went beyond $18 billion in eleven months of (July-May) the outgoing financial year 2011-12 mainly due to the higher oil prices in international market, revealed the official figures of Pakistan Bureau of Statistics (PBS) on Wednesday.

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ISLAMABAD: Pakistan's oil and food import bill has went beyond $18 billion in eleven months of (July-May) the outgoing financial year 2011-12 mainly due to the higher oil prices in international market, revealed the official figures of Pakistan Bureau of Statistics (PBS) on Wednesday. According to the latest PBS data, country has imported oil and food commodities worth of $18.577 billion during July-May period of 2011-12 as against $15.18 billion of the July-May 2010-2011 thus showing an increase of over 22 per cent in one year. The break- up of $18.577 billion revealed oil import bill has recorded at $13.937 billion and food commodities import stood at $4.640 billion in July-May 2011-12.

The PBS figures further revealed that oil import bill alone has increased by over 33 per cent in one year, as it has recorded at $13.937 billion in July-May of 2011-12 period as compare to the $10.467 billion of same period last fiscal year. In petroleum group, import of petroleum products has recorded at $9.362 billion in period under review against $6.171 billion of same period last year. Similarly, petroleum crude import has went up by 6.49 per cent, as it recorded at $4.574 billion in July-May 2011-2012 period as compare to $4.296 billion of July-May 2010-11 period.Meanwhile, food commodities import has recorded at $4.640 billion in July-May period of the outgoing financial year.

The break-up of $ 4.640 billion revealed that milk cream, milk food for infant cost $148 million, dry fruits and nuts, $81.76 million, tea, $328.873 million, spices, $ 95.776 million, soyabean oil, $42.206 million, palm oil, $1.801 billion, sugar, $14.567 million, pulses $377 million, all other food items, $1.418 billion in July-May period of 2011-12. Apart from oil and food imports, the country imported machinery worth of $5.077 billion, transport group imports stood at $1.863 billion, textile group, $2.184 billion, agricultural and other chemicals, $ 6.539 billion, metal group, $ 2.541 billion, miscellaneous group imports recorded at $872 million and all other items imports recorded at $3.300 billion during July-May period of 2011-12 against July-May period of 2010-11.The PBS figures showed that country's overall imports had increased by 12 per cent in one year, as it has recorded at $40.933 billion in July-May 2011-12 against $36.551 billion of July-May 2010-11.

Meanwhile, country's exports had recorded negative growth of over three per cent during the eleven months of the outgoing financial year, as it had recorded at $21.5 billion in the period under review against the $ 22.388 billion of same period last year. Therefore, the trade deficit remained at higher side of $19.433 billion in July-May period of 2011-12 against $14.163 billion of same period last year.

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