November 11, 2001	Sunday	Shaba’an 24, 1422

ISLAMABAD, Nov 10: Oil imports have declined by 23.50 per cent during first four months (July-October 2001) to $1.004 billion against $1.312 million during the same period last year.

Figures compiled by Federal Bureau of Statistics (FBS) suggest that in terms of value, import of petroleum products declined by 36 per cent to $521 million during four months of current year against $818 million last year.

Similarly, the import of crude oil declined by 2.45 per cent during the first four months of current year and stood at $482 million against $494 million during the same period last year.

Interestingly, the quantity of the import of petroleum products increased by around 21 per cent, and stood at 33 million tons against 45 million tons last year despite the fact that domestic refineries were running at 70 per cent capacity.

The fall in value of oil imports is attributed to fall in international oil price and decline in consumption. Had the refineries worked at full capacity, the import bill would have been even lower.

On monthly basis, the total oil imports during October this year went down to $248 million against $313 million in October last year showing a decline of 20.75 per cent. It was, however, up by 7.52 per cent when compared with last month (September 2001) when it was $231 million.

The import of petroleum products in October stood at $132 million against $200 million same period year showing decline of 34 per cent. The crude import, however, stood at $115 million against $112 million last year showing an increase of 2.46 per cent.

The overall trade deficit was $81 million in October while cumulative deficit in four months stood at $320 million against $740 million same period last year, down by 56.75 per cent.

Exports in four months went up to $3.025 billion against $2.969 billion during the same period last year registering an increase of 1.89 per cent. Imports, however, decreased from $3.71 billion last year to $3.346 billion this year, showing a decline of 9.82 per cent.

On monthly basis, exports during October decreased by 4.87 per cent and stood at $761 million when compared with $800 million exports in September 2001, but increased by 2.19 per cent as compared to $744 million last year.

Imports in October 2001 increased by 8.73 per cent to $842 million from $774 million in September 2001 but decreased to $979 in October last year, down by 9.82 per cent. On monthly basis, exports of raw cotton declined by 96 per cent in October this year against same month last year while knitwear exports declined by 14 per cent.

Exports of carpets and petroleum products in October 2001 declined by 23 per cent and 20 per cent respectively. Leather manufacture exports also declined by 43 per cent over same period last year while surgical goods posted a fall of $24 million in exports. Exports of chemicals and pharmaceuticals also declined by 31 per cent when compared with October of last year.

In terms of rupee, exports of cotton fabric increased by 4.62 per cent in October this year against same period last year while exports of cotton yarn increased by 2.33 per cent, bed wear by 32 per cent, ready made garments by 3.28 per cent, rice by 14 per cent, textile made ups by 4.32 per cent and towels by 53 per cent. Synthetic fibre exports in October declined by 18 per cent, leather by 39 per cent and knitwear by 9 per cent.