The import bill of oil and food items increased by 64% to 32 billion

ISLAMABAD, July 20 (Alliance News): Pakistan’s import bill of oil and food items increased by 64% to 32 billion 32 billion dollars in FY22, which was 19 billion 69 billion dollars in the previous fiscal year. There is high inflation and a steep fall in the value of the rupee.

On the other hand, due to the continuous increase in global demand, textile and clothing exports also increased by 25.53% annually to reach 19.32 billion dollars.

According to the data released by the Pakistan Bureau of Statistics, imports of pharmaceutical products increased by 192.29% to 4 billion 60 million dollars in fiscal year 22, which was 1 billion 39 million dollars.

One of the largest increases in imports is the sector, which is mainly due to the increase in the import of the coronavirus vaccine.

The oil import bill increased by 105.31 percent to $23.31 billion in FY22 as compared to $11.35 billion in the same months last year.

A further review of the data shows that the import of petroleum products increased by 133.90% in terms of value and 28.28% in terms of volume.

Crude oil imports increased by 80.18% in value terms and 5.26% in volume terms during the period under review, while the price of liquefied natural gas increased by 90.65%. 39.70 percent increased.

Due to imports to reduce the local production gap, the food import bill increased by 8% from $8.34 billion in FY21 to $9.1 billion in FY22, the largest increase in the food import bill was wheat. , came from imports of sugar, edible oil, spices, tea and pulses.

The import bill of machinery increased by 7.63% to $10.92 billion in FY22 from $10.14 billion in the same period last year. Due to the importation of

Mobile phone imports decreased by 4.19% year-on-year to $1.97 billion in FY22, with mobile phone equipment imports increasing by 33.65% year-on-year to $705.9 million.

Textile exports Textile and clothing exports grew by just 2.86 per cent year-on-year in June, citing high energy prices as the reason for the slowdown in textile exports in the last month of FY22, PBS data showed.

The government has recently announced the textile policy which has been pending for the last few years.

In Budget 2021-22, the government had drastically reduced duties and taxes on imports of raw materials to reduce the cost of export products, timely release of refunds and disbursement of cash subsidies also solved liquidity problems to a large extent. .

The data shows that in FY22, exports of ready-made garments grew by 28.75% in value terms and 49.43% in terms of volume, while exports of woven garments grew by 34.23% in terms of value and In terms of volume, there was a decrease of 5.45%.

Bedware exports increased by 18.80 per cent in value terms and 11 per cent in volume terms, towel exports increased by 18.54 per cent in value terms and 3.91 per cent in volume terms, while cotton fabrics grew by 26.91 per cent in value terms. There was an increase of 3.81% in terms of percentage and volume.

According to the data, during the period under review, the import of textile machinery increased by 29.13% in FY22, which is a reflection of expansion or innovation in the textile industry.


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