November 13, 2002	Wednesday	Ramazan 7, 1423

ISLAMABAD, Nov 12: Pakistan imported more than 0.4 million tons of palm oil during the first four months of the financial year 2002-03, denoting an increase of 23.89 per cent over the corresponding period of previous year.

According to the Federal Bureau of Statistics trade figures for the period under review, palm oil import further raised its share in food group import bill to 51.76% as against 39.57% in July-October 2001.

As a fraction of total import bill ($3.79 billion), its share rose further to 4.55% from 2.91% of the same period of previous year. Apart from quantitative increase, $128 per ton increase in its import bill also contributed to the rise in palm oil import bill.

According to the FBS, the total import registered an increase of 13.36% in US dollar over the previous year. In terms of Pakistani currency, however, the increase was of 5.81%, reflecting the rise in its exchange value against the dollar.

The sharp increase in import bill is attributable mainly to 29.87% surge in imports of machinery group, which totalled $839.83 million. Main consumers of foreign exchange in this category were power generating machinery. On its import, the country spent $74.59 million, over 51% more than during corresponding period of previous year.

Likewise, the imports of electrical machinery, etc ($55.23 million), roadmotor vehicles ($132 million), aircraft, ship & boat ($26.30 million) and agricultural machinery ($7.3 million) surged by 59.17%, 29.91%, 66.30%, 78.29% and 85.63%, respectively.

On the other hand, a downward trend is indicated in import of office machines (computers), textile machinery and construction & mining machinery.

Significantly, the first four months of 2002-03 saw a sharp decline of over 0.41 million tons (16.2 per cent) in import of crude oil as compared to the corresponding period of previous year.

Economic analysts attributed the drop in its import to prohibitively high prices in the domestic market of petroleum fuels which, in turn, resulted in the people substantially reducing their consumption.

The total quantity of crude imported during the period under review was 2,156,897 tons. The period also witnessed a decline in the share of crude oil in total import bill to 11.15%, down about 3% from previous year.

Significant is 35.21% increase in import of food group. Major import items during the period under review, besides palm oil, were tea ($51.88 million) and pulses ($52.8 million). As compared to corresponding period of previous year, the imports of these items were up by 2.29% and 35.06%, respectively.

According to the FBS figures, the imports of textile group, including synthetic fibre, artificial silk yarn etc, surged by 20.29% to $70.08 million.

The “agriculture and other chemicals group”, with imports worth $701.35 million, emerged as the third largest category in terms of the size of its import bill. This denotes an increase of 8.97% over previous year. In this group, plastic materials imports totalled $124.19 million, 16.91% more than last year.

This group also includes fertilizer. The quantity of fertilizer imported in the four-month period under review was 475,237 tons. The import bill on this account increased by 25.35% to $87.85 million.

In the miscellaneous group ($92.23 million), whose imports rose by 6.30%, the import of rubber crude declined by 6.72%. But rubber tyres and tubes imports soared by 14.74%.

Metals group, with imports worth $133.3 million, registered a decline of 12.11%. This was due to sharp drop in imports of iron and steel scrap as well as iron and steel.