Pakistan’s Import Data Update - July 2024

Publishing Date：2024-08-09 17:41:22 Source: NBD Data(en.nbd.ltd)

NBD Data (en.nbd.ltd) has compiled and analyzed the latest import data for Pakistan for July 2024. This detailed report provides insights into key trends in import categories, major trade regions, and specific commodities imported from the United States. This analysis aims to help businesses and stakeholders understand the shifting dynamics of Pakistan’s import landscape.

Overall Import Data Overview

In July 2024, Pakistan recorded a total of 241,393 import entries, representing a 7.22% increase from June’s 225,118 entries. However, compared to July 2023, which had 213,658 entries, there was a 12.98% increase. The total import value for July was $5.79 billion, which is a decrease of 10.83% from June’s $6.49 billion and a significant drop of 77.23% from the $25.41 billion recorded in the same period last year.

The number of active importers this month was 16,664, down by 4.77% from June but up by 10.23% compared to last year. The number of suppliers reached 27,325, marking a 5.98% increase from the previous month and a substantial 1156.32% increase year-over-year.

Major Import Categories Analysis

Pakistan’s import market in July 2024 was heavily influenced by energy and agricultural products.

  1. Light Oils and Preparations (HS Code: 271012)

    • July Import Value: $702.91 million
    • June Import Value: $764.65 million
    • July 2023 Import Value: $409.17 million
    • Month-on-Month Change: -8.07%
    • Year-on-Year Change: +71.78%

    Despite a slight month-on-month decrease, the import of light oils and preparations saw a significant year-on-year increase, underscoring Pakistan’s ongoing demand for energy products.

  2. Palm Oil (HS Code: 151190)

    • July Import Value: $506.46 million
    • June Import Value: $479.80 million
    • July 2023 Import Value: $626.94 million
    • Month-on-Month Change: +5.56%
    • Year-on-Year Change: -19.22%

    Palm oil remains a staple in Pakistan’s import list, showing a slight increase month-on-month, though it has dropped compared to last year.

  3. Crude Oil (HS Code: 270900)

    • July Import Value: $374.55 million
    • June Import Value: $365.34 million
    • July 2023 Import Value: $3.66 billion
    • Month-on-Month Change: +2.52%
    • Year-on-Year Change: -89.83%

    The significant year-on-year drop in crude oil imports suggests a strategic shift in Pakistan’s energy sourcing or consumption patterns.

  4. Liquefied Natural Gas (HS Code: 271111)

    • July Import Value: $332.19 million
    • June Import Value: $368.74 million
    • July 2023 Import Value: $335.88 million
    • Month-on-Month Change: -9.91%
    • Year-on-Year Change: -1.10%

    LNG remains a vital import, though the figures indicate a slight reduction both month-on-month and year-on-year, possibly reflecting changes in global supply chains or domestic demand.

  5. Refined Petroleum (HS Code: 271019)

    • July Import Value: $222.42 million
    • June Import Value: $443.53 million
    • July 2023 Import Value: $166.94 million
    • Month-on-Month Change: -49.85%
    • Year-on-Year Change: +33.22%

    The volatile nature of refined petroleum imports is evident from the large month-on-month decrease and substantial year-on-year increase.

Top Imports from the United States

The United States continues to be a significant trade partner for Pakistan, particularly in raw materials and machinery.

  1. Raw Cotton (HS Code: 520100)

    • July Import Value: $51.37 million
    • June Import Value: $81.20 million
    • July 2023 Import Value: $94.65 million
    • Month-on-Month Change: -36.72%
    • Year-on-Year Change: -45.72%

    The sharp decline in raw cotton imports reflects a potential decrease in demand within Pakistan's textile industry.

  2. Ferrous Scrap (HS Code: 720449)

    • July Import Value: $39.86 million
    • June Import Value: $38.12 million
    • July 2023 Import Value: $31.50 million
    • Month-on-Month Change: +4.55%
    • Year-on-Year Change: +26.57%

    The increase in ferrous scrap imports aligns with Pakistan's growing demand for raw materials in construction and manufacturing.

  3. Textile Articles (HS Code: 630900)

    • July Import Value: $20.17 million
    • June Import Value: $21.26 million
    • July 2023 Import Value: $4.93 million
    • Month-on-Month Change: -5.15%
    • Year-on-Year Change: +308.56%

    There has been a substantial year-on-year increase in textile articles, reflecting a potential shift in the textile manufacturing process.

  4. Stainless Steel Waste and Scrap (HS Code: 720441)

    • July Import Value: $5.22 million
    • June Import Value: $7.94 million
    • July 2023 Import Value: $267,212
    • Month-on-Month Change: -34.26%
    • Year-on-Year Change: +1852.91%

    The significant increase in stainless steel waste and scrap imports from last year indicates a rising demand for these materials in Pakistan.

Key Export Regions to Pakistan

In July 2024, several key trade regions played a crucial role in supplying goods to Pakistan. China remains the top exporter, followed by the United Arab Emirates and Indonesia.

  1. China

    • July Export Value: $1.51 billion
    • Month-on-Month Change: -17.85%
    • Year-on-Year Change: -91.63%

    Despite a significant decline in both month-on-month and year-on-year figures, China remains Pakistan’s largest trade partner.

  2. United Arab Emirates

    • July Export Value: $611.61 million
    • Month-on-Month Change: -18.72%
    • Year-on-Year Change: -84.11%

    The UAE continues to be a critical partner, particularly in energy imports, though the figures reflect a substantial decrease.

  3. Indonesia

    • July Export Value: $492.23 million
    • Month-on-Month Change: +0.66%
    • Year-on-Year Change: -23.20%

    Imports from Indonesia show steady month-on-month growth, primarily in agricultural products.

  4. Saudi Arabia

    • July Export Value: $402.47 million
    • Month-on-Month Change: +16.30%
    • Year-on-Year Change: +74.05%

    Saudi Arabia's significant year-on-year increase underscores its role as a key supplier of petrochemical products.

  5. Qatar

    • July Export Value: $321.50 million
    • Month-on-Month Change: -7.91%
    • Year-on-Year Change: -7.75%

    Qatar’s consistent exports to Pakistan focus on LNG, reflecting the ongoing energy trade between the two nations.

  6. Singapore

    • July Export Value: $289.39 million
    • Month-on-Month Change: +121.20%
    • Year-on-Year Change: +258.31%

    Singapore’s exports to Pakistan have seen a dramatic increase, indicating a strengthening of trade ties, especially in electronics and chemicals.

  7. Kuwait

    • July Export Value: $200.78 million
    • Month-on-Month Change: -52.23%
    • Year-on-Year Change: +18.84%

    Kuwait remains a steady exporter of petroleum products to Pakistan.

  8. United States

    • July Export Value: $193.82 million
    • Month-on-Month Change: -18.41%
    • Year-on-Year Change: +14.16%

    The US continues to be a key trade partner, especially in high-value goods like machinery and chemicals.

  9. Malaysia

    • July Export Value: $141.01 million
    • Month-on-Month Change: +34.46%
    • Year-on-Year Change: +12.09%

    Malaysia's steady growth in trade with Pakistan focuses on palm oil and related products.

  10. Iran

    • July Export Value: $121.08 million
    • Month-on-Month Change: +14.95%
    • Year-on-Year Change: +87.74%

Iran remains a significant supplier, particularly in the energy sector.

Summary and Future Outlook

The import data for July 2024 highlights the complex dynamics of Pakistan’s trade relations. While there has been a decrease in overall import value, the diversity in key import categories and trade regions indicates a broad-based demand within the Pakistani market.

Energy products continue to dominate imports, reflecting Pakistan's heavy reliance on external sources for its energy needs. However, fluctuations in import figures suggest that Pakistan is navigating a challenging global market environment, likely influenced by international price changes and domestic policy shifts.

Looking ahead, Pakistan’s import trends will likely remain sensitive to global economic conditions, particularly in energy and high-tech sectors. As Pakistan continues to develop its industrial base, we may see a gradual diversification in its import portfolio, providing new opportunities for global exporters.

Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.

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