ISLAMABAD: Pakistan’s oil and eatables import bill witnessed a decline of 4.78 per cent in the first quarter of the current fiscal year from a year ago.

In absolute terms, import bill of these two products declined to $4.79bn in July-September 2014 from $5.03bn over the corresponding months of last year, according to figures compiled by Pakistan Bureau of Statistics.

Pakistan’s total import bill reached $12.519bn during the period under review as against $11.177bn, an increase of 12.01pc.

However, the volume of imports, which witnessed decline in the past few years, is on the rise since July 2014 for the first time. The import bill of food products witnessed an increase of 27pc at $1.430bn in July-September 2014 as against $1.042bn over the corresponding period last year.

The increase was mainly driven by import of wheat which witnessed an increase of 82.63pc, pulses 25pc and palm oil 4.39pc during the period under review. However, import of sugar witnessed a negative growth during the period under review.

Statistics showed that oil import bill reached $3.756bn in July-September 2014 this year as against $3.984bn over last year, indicating a decline of 5.71pc.

Import of crude oil was down by 14.22pc while import of petroleum products fell by 0.42pc during the months under review.

Textile and clothing

Pakistan’s exports of textile and clothing fell by over 3.99pc in the first three months of the current fiscal year from a year ago.

The decline in exports from these sectors started since July 2014, while the government is yet to take corrective measures despite preferential market access to EU.

In absolute terms, export proceeds fell to $3.417bn in July-September 2014 from $3.559bn over the corresponding months of last year.

Last year, export proceeds reached $25.132bn which grew by 2.75pc from $24.460bn over the corresponding period of previous year.

Product-wise details show that export of low value-added products, such as cotton cloth fell by 13.52pc; cotton yarn 21.78pc; and madeup articles, excluding towels and bedwear 2.68pc during the period under review over the corresponding period last year. Export of tents was up by 157pc during the period under review.

In the value added sector, export of knitwear was up 11.16pc; readymade garments 2.78pc and towels 3.65pc. However, export of bedwear declined by 3.27pc; and cotton carded or combed 63.16pc.

Raw cotton export witnessed a robust decline of 23.90pc in the first three months of the current fiscal year from a year ago. Total export proceeds witnessed a decline of 10.16pc to $6.015bn in July-September 2014 from $6.695bn over the corresponding period of last year.

Published in Dawn, October 23rd, 2014