Volume of imports record $3.70 billion in first month

Islamabad: In the first month of financial year, the volume of imports was recorded at $3.70 billion. Due to slowed business activities, the import bill recorded a decrease of 1.28 billion dollars in July.

According to the report of Federal Bureau of Statistics, the import of petroleum products, food and machinery decreased while the import of some goods including mobile phones, vehicles, palm oil and gas increased.

According to the report, in the first month of the fiscal year 2023-24, a decrease of 25.62% was recorded in the import bill. The imports decreased from $4.98 billion to settle at $3.70 billion.

The data of the report released showed that import of petroleum, food, machinery, textile, agricultural goods has declined. The import of iron, steel, cotton, wheat, textile machinery, pulses and medical equipment has also decreased.

According to the Federal Bureau of Statistics, the import bill of petroleum decreased by 37% and settled at 790 million dollars as compared to July 2022, which was $1.43 billion in July 2022 and 1.63 billion dollars in June 2023.

The food import declined by 18% to $624.8 million from $763.1 million in July 2022 and $556.7 million in June 2023. Import of machinery decreased by 21.36% to 49.34 million dollars.

According to the report, there was a 75.59% increase in the import of mobile phones and were imported for the cost of $141 million. More than 19 billion rupees were spent on the import of mobile phones. Imports of motor cars increased by 34.17%, importing more than 70 million dollars.

20.86% decrease in textile import, the volume import bill was 244.7 million dollars, agricultural goods 10%. The import of metals including gold and silver decreased by 21%. While the import of natural gas, palm oil, pulses, plastic material, medical Imports of goods, iron and steel increased.