In the first nine months of this fiscal year, Pakistani food import legislation increased by 54.45%. The government continues to spend huge amounts of money on food imports and shrinks the country's foreign exchange reserves. The government allowed the import of wheat, sugar and other goods to address the problem of local congestion. Food imports totaled $ 6.12 billion between July and March 2020/21, up 54.45% from $ 3.96 billion in the same period last year. Food imports rose 90.85% in March to $ 76.6 million, according to the latest figures from the Pakistani Bureau of Statistics (PBS).
The $ 6.12 billion installment plan resulted in $ 983 million worth of wheat imports in the first nine months of the current fiscal year. This is 100% more than in the same period last year. Between July and March 2020/21, the government imported $ 1.86 billion worth of palm oil, up 34.83% from $ 1.38 billion in the same period last year. The cost of sugar imports is $ 127.5 million. Meanwhile, the government imported a variety of nuts, milk and cream worth $ 449.4 million.
Pakistani oil imports fell 15.13% between July and March of the current fiscal year, according to PBS. Oil imports into the country for the nine months of the 2020-2021 fiscal year amounted to $ 7.553 billion, which is 15.13% less than in the same period last year, when it amounted to $ 8.9 billion. However, the cost of oil imports in March increased by 65.83% and amounted to $ 1.11 billion. The analysis shows that in the first nine months of the current financial year, imports of petroleum products decreased by 13.04%. Meanwhile, crude oil imports fell 17.5%. Likewise, imports of liquefied natural gas fell by 22.61%. However, imports of liquefied petroleum gas (LPG) increased by 42.84% from July to March.
Meanwhile, equipment imports rose 7.92% in the first nine months to $ 7,195 billion, up from $ 663.4 billion in the same period last year. Imports of mobile phones rose 56.74% to $ 1.535 billion in nine months. Import of various equipment increased by 8.24%. All transport groups grew by 68.67%.
Between July and March 2020-2021, the country's trade imbalance was $ 208.3 billion, up from $ 17.35 billion in the same period last year. Pakistan's exports totaled $ 1,868.8 billion, an increase of 7% in the nine months of this year, up from $ 17.43 trillion in the same period last year. Over the same period, revenue increased 13.59% from $ 34.791 billion in the last fiscal year to $ 39.519 billion. This growth is due to an increase in imports of raw materials and an increase in imports of wheat, sugar and cotton.
The Treasury Department said in its monthly report that exports are expected to rise due to the government's export-oriented policies, while imports are expected to continue to rise due to the recovery in the domestic economy and the recent surge in global commodity prices. and import. ... ... This is food for stabilizing the domestic market. Thus, a slight deterioration in the trade balance is expected, but significant volumes of remittances are expected to offset the trade deficit.
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