Islamabad: (RightNow) Petroleum imports in Pakistan witnessed a decline in July on both monthly and annual bases. According to the Pakistan Bureau of Statistics, $1.277 billion was spent on petroleum products in July, marking a 5% decrease compared to July last year.

Last year in July, $1.347 billion was spent on petroleum imports. Compared to June, there was a 33% monthly decrease in imports in July. In June, the expenditure was $1.910 billion, which reduced to $1.277 billion in July.

Officials state that this reduction could positively impact the country’s foreign exchange reserves. The decrease in the import bill is considered a significant development for the country’s economy.

This reduction could positively affect Pakistan’s economy, especially as a lower import bill can improve the country’s financial condition.

It is noteworthy that in the first month of the fiscal year, Pakistan’s total import bill was recorded at $6.940 billion, which is 18.9% higher than last year’s $5.837 billion in July.