Increase In Machinery Imports To Country Because Of CPEC Projects
KARACHI: Pakistan’s machinery imports on CPEC projects saw an increase in the first quarter of the fiscal year 2016-17. The Pakistan Bureau of Statistics (PBS) data showed that machinery imports jumped 60.4 to reach at $2.735 billion and outperformed the import bill of petroleum products, which used to be the main dollars’ consumer in the past.
The construction activities related to the China-Pakistan Economic Corridor (CPEC) projects cause an increase in the imports of machinery. Lower crude oil prices in the world have cut-down the imports of petroleum by 4.80 percent and now it stands at $2.356 billion during the first quarter.
As compared to the corresponding period last year, the Power generation turbines and equipment imports more than doubled to $794.7 million from $315.806. Electric machinery and appliances imports increased 32.49 percent to $448.513 million.
The PBS data further showed that machinery imports increased 58.65 percent to $876.615 million in September over the same month last year. They decreased 22.92 percent month on month (MoM).