Imports of petroleum products, foodstuffs surge

Pakistan’s eatable import bill surged by 21.32 per cent to $5.63 billion in the July-January period compared to $4.64bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee. The growth in food import bill was seen to bridge the shortfall of eatables in the domestic market. The share of eatables in the total import bill also posted growth during the current fiscal year. The total import bill reached $46.62bn in the first seven months of this fiscal year against $29.26bn over the corresponding period last year. The rising food imports and the consequent trade deficit are yet another source of worry for the government. Pakistan spent over $8bn on the import of edible items in the last fiscal year.