The imports of the overall petroleum group decreased by 0.28 percent during the first eleven months of the current fiscal year (2023-24) as compared to the corresponding period of the last year, the Pakistan Bureau of Statistics (PBS) reported.

The total imports of the petroleum group during July-May (2023-24) stood at $ 15,338.947 million, as against the imports of $ 15,382.307 million during the same period of last year, according to PBS data.

Among petroleum commodities, the import of petroleum products declined by 11.69 percent, from $ 6,748.197 million last year to $ 5,959.417 million during the time period under review.

However, the imports of petroleum crude increased by 12.06 percent, from $ 4,522.559 million to $ 5,067.850; natural gas liquefied by 3.04 percent, from $ 3,471.608 to $ 3,577.164 whereas the imports of petroleum gas liquefied went up by 14.80 percent and reached to $ 639.625 million as compared to $ 734.305 last year.

The imports of all other petroleum group products decreased by 33.37 percent and went down to $0.212 million from $0.318 million.

Meanwhile, on a year-on-year basis, the petroleum group imports witnessed an increase of 12.09 percent during the month of May 2024 as compared to the same month of last year.

The petroleum imports during May 2024 were recorded as $ 1,577.878 million against the imports of $ 1,407.698 million during May 2023.

However, on a month-on-month basis, the petroleum imports into the country decreased by 5.90 percent during May 2024, as compared to the imports of $ 1,676.753 million in April 2024, according to the data.

It is pertinent to mention here that the trade deficit contracted by 15.25 per cent during the first 11 months of the current financial year (2023-24) as compared to the corresponding period of the last year.

During the period from July-May 2023-24, exports grew by 10.65 per cent as these were recorded at $28.070 billion as compared to the exports of $25.368 billion during the same period of the last year.

The imports into the country during the period under review decreased by 2.37 per cent to $49.802 billion as against the imports of $51.010 billion in the same period of last year.