ISLAMABAD-The overall petroleum group imports during the first three quarters (Qs) of the current fiscal year decreased by 16.14 percent when compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The import bill during July-March (2019-20) was recorded at $8900.631 million against the imports of $10614.003 million during July-March |(2018-19), showing decline of 16.14 percent, according to latest PBS data.

Among the petroleum commodities that witnessed negative growth in trade included petroleum products, the imports of which decreased by 14.24 percent by declining from $4622.978 million last year to $3964.662 million during the current year.

Likewise, the crude petroleum imports decreased from $3379.041 million last year to $ 2452.599 million during the current year, showing decline of 27.42 percent whereas the imports of natural gas (liquefied) decreased by 6.96 percent by going down from $ 2404.624 million last year to $ 2237.253 million this year.

However, the imports of petroleum gas (liquefied) during the period under review increased by 18.72 percent by growing from $ 207.145 million to $245.915 million.

The imports of all other petroleum group products declined by 6.05 percent from $0.215 million to $0.202 million, the data revealed.

Meanwhile, the petroleum imports into the country witnessed decrease of 39.29 percent during the month of March 2020 when compared to the imports of February 2020. The import bill of the country stood at $668.329 million in March as compared to $1100.851 million in February 2020.

On year-on-year basis, the imports of petroleum group during the month under review declined by 32.86 percent when compared to the imports of $995.851 in March 2019.

It is pertinent to mention here that the country’s overall trade deficit witnessed significant reduction in first three quarters of current financial year and declined by 26.45% as compared to the corresponding period of last year.

During the period under review country’s exports registered about 2.23% growth, whereas imports reduced by 14.42%.

During the period from July-March (2019-20), the exports witnessed an increase of 2.23% and reached to $17.451 billion against the exports of $17.071 billion of the same period of last year, it added.

The country’s imports witnessed significant decrease of 14.42 % and went down from $40.679 billion in first three quarters of last financial year to $34.814 billion of same period of current financial year, it said.

Based on the figures, the trade deficit during the period under review was recorded at $17.363 against the deficit of $ 23.608 during last year, showing decline of 26.45 percent.