ISLAMABAD

The tumbling oil prices in international market reduced Pakistan's oil import bill by $1.8 billion during eight months (July-February) of the ongoing financial year over the corresponding period of last year.

Pakistan imported oil worth $8.18 billion during July-February of FY2015 as compared to $9.95 billion of the same period of previous year, showing massive decline of 17.78 percent. The oil import bill decreased due to enormous decrease in oil prices in the international market from last several months.

The break-up of $8.18 billion oil import bill showed that country imported petroleum products worth $5.19 billion and petroleum crude worth $2.99 billion during July-February of FY2015, according to the data of Pakistan Bureau of Statistics.

Meanwhile, the country imported oil worth $676 million during the month of February, which had been reduced by over 44 per cent when compared with the figures of same month of previous year, $1.218 billion.

The government had estimated to save $3-5 billion during current fiscal year owing to the tumbling oil prices in international market.

According to the data, the country's overall imports were recorded at $30.58 billion in July-February of FY2015 as against $29.41 billion of same period last year. Meanwhile, the country's exports came down to $16 billion in July-February of FY2015 from $16.8 billion of the corresponding period previous year, showing decline of 4.92 per cent.

Food import bill went up by 26.61 percent during period under review. The country imported food commodities worth $3.5 billion during July-February of FY2015 as against $2.7 billion of the corresponding period of the previous year. Similarly, the machinery import enhanced by 16 percent, as it consumed $4.82 billion during first eight months of the FY2015 as compared to $4.15 billion of the same period of last year.

Import of machinery were recorded at $4.82 billion, transport group $1.69 billion, textile group $1.67 billion, agricultural and other chemicals groups $4.93 billion, metal group $2.36 billion, miscellaneous group $675 million and imported all others items worth of $2.733 billion during July-February of the current financial year (FY2015).