ISLAMABAD - Pakistan’s oil import bill reduced by over 14 per cent during seven months (July-January) of the current financial year (FY2015) due to falling petroleum prices in the international market.

The country imported petroleum products worth $7.5 billion during July-January of FY2015 as against $8.7 billion of the corresponding period last year, showed the data of Pakistan Bureau of Statistics (PBS) on Friday.

The oil import has decreased mainly due to the reduction in petroleum products prices globally, which came down below $50 per barrel.

Meanwhile, the import bill showed massive decline of 53.3 per cent in the month of January 2015, as it was recorded at $560 million in the previous month compared to $1.2 billion of the same period previous year. The government had estimated that oil import bill would slash by $3-5 billion during ongoing fiscal year because of the tumbling petroleum products prices.

According to the break-up of $7.5 billion oil import bill, the country had imported petroleum products worth $4.7 billion and petroleum crude worth $2.82 billion during July-January of FY2015.

The PBS figures showed that Pakistan’s overall imports surged by 5.7 per cent, as country imported commodities worth of $27.27 billion during July-January of FY2015 as compared to $25.81 billion of the same period previous year.

The country’s overall imports increased due to hike in imports of food commodities, machinery, transport group, agricultural and other chemicals and metal products during seven months of FY2015.

Pakistan’s food import bill enhanced by 31 percent, as it imported eatable commodities worth $3.16 billion. Meanwhile, the country imported machinery worth $4.22 billion, transport group worth $1.5 billion, agricultural and other chemicals worth $4.29 billion, metal commodities worth $2.09 billion and all other items worth of $2.5 billion during July-January of the FY2015.

Meanwhile, Pakistan’s overall exports had recorded decline of 3.69 percent, as country exported commodities worth of $14.14 billion during July-January of FY2015 as against $14.68 billion of the same period of last year.

According to the PBS figures, food exports decreased by 4.1 per cent. Pakistan exported goods worth $2.5 billion during July-January of FY2015 as compared to $2.7 billion of the corresponding period previous year.

However, country’s textile exports enhanced during the period under the review. Textile exports stood at $8.1 billion during July-January of FY2015 as compared to $ 8 billion of the same period of the last year.

The PBS data showed that export of raw cotton registered a negative growth of 13.92 per cent, cotton yarn 5.71 per cent, cotton cloth 11.87 per cent and cotton carded or combed 53.21 per cent. Meanwhile, following of the commodities recorded positive growth: yarn 24.9 per cent, knitwear 10.19 per cent, bed wear 0.08 per cent, towels 4.81 per cent, tents, canvas & tarpaulin 101 per cent, readymade garments 10.53 per cent, art, silk & synthetic textile, 3.9 per cent, madeup articles 2.41 per cent, other textile materials 11.25 per cent during the seven months of 2014-2015.