The share of oil and petroleum products in the total import bill shrank massively to one-fifth in
Earlier, the share of oil and petroleum products in total imports had been one-fourth in first eight months (July-February) of the current fiscal year ending
The import of crude oil - the raw material for refineries - dropped 42% to 444,670 tons in
'Most of the refineries (three out of five) stopped production after oil marketing companies, like
Although four refineries were now operating and the federal government lifted a month-long ban on the import of crude and refined products last week to meet demand from the agriculture sector, which was harvesting the staple wheat crop, 'the demand may remain sluggish since the federal government has extended the lockdown', he added.
The import of refined products increased over 14% to 886,791 tons in
The overall energy import bill fell 33% to
Energy imports declined ahead of expected 0.1-1.5% contraction in the national economy after a gap of 68 years. Transport, industrial and commercial sectors remain the bulk users of energy.
Construction machinery imports
The import of construction and mining machinery, however, jumped 119% to
The spike in imports came at a time when the government announced a historic relief package for the construction industry -
The package was being considered for months. The government announced it recently to step up economic activities to help daily-wage earners to cope with the difficult situation under the lockdown.
However, builders and developers deny that they have imported the machinery and say imports have actually been made By: the government for its development projects like dams (Mohmand Dam), roads and for projects related to multibillion-dollar China-Pakistan Economic Corridor (CPEC).
'We are still waiting for finalisation of rules related to the import of construction machinery,'
'The spike in import of construction machinery is likely related to the PSDP (Public Sector Development Programme) and CPEC,' ex-ABAD chairman
© Pakistan Press International, source