Sunday, August 18, 2013

Petroleum products, as usual, largest import of the country

The country, as usual, imported Rs 107.13 billion worth petroleum products from India, except Rs 2.26 billion worth from the third country making a total of Rs 109.39 billion in the last fiscal year 2012-13, the central bank data revealed. “A fiscal year ago, the petroleum products import from India only amounted for Rs 92.25 billion.”
The total merchandise exports of the country – that stood at Rs 76.92 billion – was not enough to pay for the single commodity import – petroleum products – bill, which has not only increased the country’s dependency on petroleum products imports but mocking the leaders for their claim of boosting exports and substituting merchandise import.
Some 10 commodities – including petroleum products, vehicles and gold – import cost the country almost half – Rs 257.66 billion – of the total import bill of a whopping Rs 556.74 billion in last fiscal year.
Likewise, the vehicles import – that has also fuelled the petroleum products import – has followed the petroleum products.
Import of vehicles and spare parts increased to Rs 26.29 billion in the last fiscal year 2012-13, according to the annual data of the central bank. “A fiscal year ago in 2011-12, the vehicles import stood at Rs 17.05 billion, whereas in the fiscal year 2010-11, the country had imported Rs 20.68 billion worth vehicles and spare parts.”
A total of 152,314 vehicles were sold in the last fiscal year, according to the Department of Transport Management.
The delayed and partial budget that has not increased taxes – customs, excise duty, road, VAT and – and easy access to finance have also contributed in increased sales of vehicles, according to the automobile dealers.
The precious yellow metal became the third largest import of the country as the last fiscal year witnessed an import worth Rs 26.11 billion gold. The country had imported gold worth Rs 25.77 billion in the fiscal year 2011-12.
Similarly, MS Billet import is the fourth largest import of the country with Rs 22.30 billion in the last fiscal year, from a fiscal year ago’s Rs 19.43 billion.
According to the central bank data, machinery parts with Rs 20.14 billion is the fifth largest imports of the country. The country had imported Rs 15.35 billion worth machinery parts a fiscal year in 2011-12.
The rising competition among the telecom operators and need to upgrade the cut-edge technology, expansion drive and quality, made the telecommunications equipment the sixth largest import of the country with Rs 13.48 billion in the last fiscal year. A fiscal year ago, the import of telecommunications equipment stood at Rs 8.45 billion only.
Likewise, medicine import posted Rs 13.71 billion, whereas crude soyabean oil recorded Rs 10.62 billion in the last fiscal year.
Despite new cement industries coming up in last few years, cement import stood at Rs 9.42 billion – more than triple a fiscal year ago’s Rs 3.30 billion despite new cement industries coming up in the country – as the ninth largest import in the last fiscal.
Due to rising price of gold, silver has also become one of the favourite metals in the recent years as it was the tenth largest import with Rs 8.78 billion – double from a fiscal year ago’s Rs 4.37 billion – in the last fiscal year 2012-13, the data revealed.
Despite being an agricultural economy, the country imported Rs 8.45 billion worth rice – almost double from a fiscal year ago’s Rs 4.26 billion — and Rs 4.54 billion worth vegetables – double from a fiscal year ago’s Rs 2.58 billion – which is a warning signal for the policy makers and leaders.

Top 10 imports
Commodity – Fiscal Year 2011-12 – Fiscal Year 2012-13
Petroleum products – Rs 92.25 billion – Rs 107.13 billion
Vehicles – Rs 17.05 billion – Rs 26.29 billion
Gold – Rs 25.77 billion – Rs 26.11 billion
MS Billet – Rs 19.43 billion – Rs 22.30 billion
Other Machinery Parts – Rs 15.35 billion – Rs 20.14 billion
Telecom equipments – Rs 8.45 billion – Rs 13.48 billion
Medicine – Rs 10.38 billion – Rs 13.33 billion
Crude Soyabean Oil – Rs 9.96 billion – Rs 10.62 billion
Cement – Rs 3.30 billion – Rs 9.42 billion
Silver – Rs 4.37 billion – Rs 8.78 billion

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