Pakistan’s imports and exports witness shift in pattern
KARACHI: Data from an official report of Customs Appraisement South suggests that Pakistan’s import of leading items, which contributed significantly towards the Customs revenue declined drastically in the first two months of the current fiscal year. Similarly, a considerable surge was witnessed in the import value of certain other goods and subsequent increase in duty collection on these imports. Mineral fuels, mineral oils and products are imported in a very large quantity and contributes significantly in the revenue collection at Customs stage. The import of this commodity during the two months (July-August 2015) declined by 45 percent to Rs42.047 billion as against the import of Rs76.872 billion in the same period last year. Similarly, import of electrical machinery and equipment in 2MFY16 stood at Rs26.461 billion as compared with the imports of Rs32.141 billion in the same period last year. Animal or vegetable fats/oils import also declined by 57 percent to Rs2.972 billion during the period under review as compared with the import of Rs7.405 billion in the same period last year. Import of plastic and articles declined to Rs28.008 billion in 2MFY16 as against Rs31.864 billion in 2MFY15. Import value of iron and steel articles stood at Rs6.402 billion compared with the import value of Rs9.145 billion a year earlier. Import of man-made filaments stood at Rs7.979 billion as against import of Rs10.171 billion in the same period last year. Import of man-made staple fibers stood at Rs13.29 billion as against import of Rs15.309 billion in the same period last year. Import value of stranded wire, cables, plaited bands and the like of aluminum stood at Rs484.824 million and Customs duty collection of Rs90.499 million in 9MFY15 as compared with import value of Rs1.611 billion and custom duty of Rs290.502 million in 9MFY14. Meanwhile, import of petroleum gases and hydrocarbons surged to Rs10.659 billion in 2MFY16 as compared to Rs14.002 million in the same period last year. Import of tea increased to Rs7.9 billion as against import of Rs4.98 billion in the same period last year. Import of flat rolled products of other alloy steel (600mm and more) increased to Rs4.267 billion as against import of Rs1.509 billion in the same period last year. Import of motor cars and vehicles increased in the July-August 2015 to Rs12.449 billion as against import of Rs9.834 billion in the same period last year. Moreover, import of dish and bottle washing machines and machinery for filling surged to Rs1.112 billion in 2MFY16 compared with Rs305.028 million in the same period last year.