January 20, 2007	Saturday	Zilhaj 29, 1427

ISLAMABAD, Jan 19: The country’s import bill of petroleum products increased by 21.83 per cent during the July-December period of fiscal year 2006 to $3.711 billion as against $3.046 billion in the corresponding period last year.

The share of oil in the total import bill reached 25pc during the period as against 22pc during the same period last year.

It indicates that the share of oil import is still on the top despite a decline in oil prices in the international market.

Official figures released by the Federal Bureau of Statistics (FBS) on Friday indicated that the import of products manufactured from petroleum increased by 58.96pc to $1.882 billion during the period as against $1.184 billion in the same months last year.

However, growth in import of petroleum crude declined by 1.75pc to $1.828 billion during the first half of the current fiscal year as against $1.862 billion in the corresponding period last year.

Like last year, import bill of oil seems to be the prime mover of the trade deficit this year because of its greater consumption. However, with reduction in oil prices in the international market, the import of crude oil would further witness a decline in the months ahead.

The second biggest component of the import bill in value was the machinery group. However, its imports increased by 11.36pc in July-December 2006 to $3.165 billion as against $2.841 billion over the same months last year.

The import bill of machinery was mainly pushed by an increase of 56.56pc in power generating machinery; office machines 14.12pc, construction machinery 7.63pc and agriculture machinery 1.16 pc.

The statistics showed that the more depressing aspect of the current trend in economy was a steady decline (32.94pc) in import of textile machinery. Import of mobile phones increased by 45.56pc and other apparatuses 13.67pc. Food items’ import declined by 0.25pc to $1.408 billion during July-Dec period of 2006 as against $1.412 billion in the corresponding months last year.

The import of milk products increased by 32.26pc, pulses 53.84 pc, palm oil 0.54pc, sugar 5.25pc, soyabean oil 140.25pc and spices 4.28 pc.

However, the import of wheat declined by 43.35 pc, followed by dry fruits 5.98 pc, and all others food items 12.03pc during the period under review over last year.