Home / Knowledge / News / Textiles / Inflating import bill cripples domestic industry

Inflating import bill cripples domestic industry

21
May '08
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.


Interviews View All

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Nuno Venda, ROQ

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search