Oil, foodstuffs import bill falls

Islamabad: Oil and eatables import bill witnessed a decline by 3.35 per cent in the first half of the current fiscal year from a year ago.

In absolute terms, import bill of these two products declined to $9.54bn in July-Dec 2013 from $9.871bn during the same period last year.

Pakistan’s total import bill reached $21.671bn during the months under review as against $21.922bn, showing a decline of 1.14pc.

The import bill of food products witnessed a substantial decline of 6.98pc at $2.011bn in July-Dec 2013 as against $2.162bn over the corresponding months last year.

The decline in food items import was mainly driven by import of palm oil, tea, soyabean oil and spices. Three eatable items imports witnessed substantial increase during the period under review because of shortage in domestic market.

Import of sugar witnessed an increase of 31.31pc, wheat 100pc and dry fruits 8.41pc during the months under review.

Statistics showed that oil import bill reached $7.529bn in July-Dec 2013 this year as against $7.709bn over last year, indicating a decline of 2.33pc.

Import of crude oil was up by 0.96pc to $2.803bn during July-Dec 2013 as against $2.777bn last year.

Import of petroleum products fell to $4.725bn in July-Dec 2013, down by 4.19pc from $4.931bn last year.

Export proceeds from these sectors accelerated following substantial increase in export of raw cotton and low value-added products, showed data of Pakistan Bureau of Statistics here on Monday.

Export of textile and clothing reached $1.261bn in December 2013 from $1.047bn during the corresponding month of last year.

However, cotton yarn witnessed a negative growth in the month under review over the same month last year.

Depreciation of Pakistani currency is also one of the pushing factors in export proceeds during the first quarter of the current fiscal year from a year ago.

In the value added sector, export of bedwear increased by 24.89pc, knitwear 21.63pc, readymade garments 20.10pc and towels 13.26pc during the month under review over the last year.

Raw cotton export witnessed a robust growth of 181.76pc.

Consistent supply of gas to textile sector produced the desired results, especially in the Punjab.

The growth in yarn and fabric exports was mainly because of improved energy supply.

Total export proceeds witnessed a growth of 15.54pc to $2.275bn in December 2013 from $1.969bn over the corresponding period of last year.