Inflating import bill cripples domestic industry

21 May '08

2 min read

Import bill of Pakistan is surging ceaselessly and this is amply evident from the fact that in the last ten months of this current fiscal year, import of oil alone has touched US $8.67 billion, reflecting a 47.04 percent year on year growth.

Manufactured petroleum products also saw a 53.60 percent growth to reach $4.650 billion against $3.027 billion recorded in the previous year.

During the same period last year, oil import stood at over $5.896 billion while crude petroleum oil imports soared to $4.019 billion during July-April period of the current fiscal year, up by 40.11 percent against $2.868 billion of the same period of last year.

In the month of April alone, oil imports grew by over 102.53 percent to touch $1.253 billion compared to $619.057 million in April of the previous year. Besides, it increased by nearly 16.48 percent over the month of March when $1.076 billion worth of oil products were imported.

This growth is attributed to the increase in import of manufactured petroleum products, which grew by over 93.46 percent and an surge of 113.69 percent in crude oil import.

Experts opine that this uncontrollable imports will show no signs of abating in the future either. Oil prices hovered at around $129 per barrel yesterday and if it continues to soar or even stay at this level, there's no stopping to the billowing import bills which may very predictably settle at $10 billion.

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