ISLAMABAD: The oil import bill registered a sharp drop of over 40 per cent in the first month of 2009-10 giving the country breathing room to control its current account deficit.
Falling oil bills are also likely to ease pressure on the rupee, which has witnessed a record fall against the dollar in 2008. The fiscal year 2008-09 saw over $2 billion decline in oil import bill.
Data released by the Federal Bureau of Statistics (FBS) on Friday showed that the oil import bill dipped to $767.735 million in July 2009 from $1,291.110 million in July 2008. Crude oil import declined by 47 per cent and petroleum products 35 per cent during the month.
Crude Oil prices on the world markets began to rise in 2009 from about $40 a barrel in January to around $70 in July. Analysts said the recent surge in international oil prices was speculative as global consumption had declined sharply owing to recession in the major developed economies of the world.
Machinery group, the second biggest component of the import bill, recorded a fall of 22 per cent to $462.476 million during July 2009 as against $595.421 million in the same month last year.
The import of all machinery products including textile machinery declined during the month. However, import of electrical machinery witnessed a marginal increase of five per cent.
The telecom sector imports plunged 69 per cent during the month. Mobile phones import dropped by 46 per cent and other apparatus by 76.9 per cent.
Consumer goods recorded slightly fall of 5.90 per cent during month. However, import of sugar, pulses, dry fruits, tea and all other food items witnessed growth during July 2009.The transport group also recorded 31.79 per cent fall. The import of CKD/SKD and CBU vehicles registered negative growth.
However, the import bill of metal down by 21.6 per cent and agriculture by 22.8 per cent during the month under review.
