Gold import falls as other metals increases

Islamabad: The overall metal group import in Pakistan increased by 4.25 per cent in July-January (2016-17) to $2.356 billion from $2.26 billion in same period of previous year.

Iron and steel scrap import also witnessed a decrease of 7.47 per cent to $553.169 million in first seven months of current fiscal year from $597.833 million in July-January (2015-16).

The import of iron and steel however rose to $1.154 billion in Jul-Jan (2016-17) from $1.083 billion in same period of preceding fiscal year thus showing an increase of 6.52 per cent.

Aluminum wrought and work import decreased by 0.53 per cent from $105.255 million in the corresponding period to $104.696 million.

On month-on-month and year-on-year basis the overall metal group import in January rose by 11.44 per cent and 12.21 per cent when compared with the import of January 2016 and December 2017.

Similarly the import of iron and steel scrap also increased to $112.327 million in January 2017 from $100.033 million in January 2016 and $100.664 million in December 2016, thus showing an increase of 12.29 per cent and 11.59 per cent respectively.

In addition iron and steel import in January 2017 increased by 6.33 per cent and 14.47 per cent when compared with the import recorded during January 2016 and December 2016 respectively.

The iron and steel import in January was recorded at $181.524 million while in January 2016 and December 2016 it was recorded at $170.715 million and $158.578 million respectively.

On the contrary, the import of gold during first seven months of current fiscal year declined by 41.26 per cent as compared to same period of previous year.

The gold import during the period under review recorded 248 kilo worth US $9.289 million against import of 425 kg valuing $15.813 million last year.

On yearly and monthly basis the import of yellow metal in January 2017 also witnessed decline of 26.53 per cent and 33.48 per cent when compared with the import of January 2016 and December 2017, pointed out latest data of Pakistan Bureau of Statistics.

The gold import decreased to $1.385 million in January 2017 from $1.885 million in January 2016 and $2.082 million in December 2016.