The Pakistan Bureau of Statistics released its December 2021 external trade statistics this week, according to the data Pakistan’s Monthly Semi-finished and finished steel imports stood at 282,738 tonnes during December 2021, down 21.67% on a month on month basis as compared to November 2021. Import volumes, however, increased on a year on year basis by 37.10% as compared to December 2020.
The decline in import volumes can be linked to the sharp depreciation in currency as well as higher electricity tariffs and taxes faced by producers. In a year on year context, Import values rose by a massive 129.58% in terms of rupees and 107.43% in terms of USD as compared to the same month in the previous year.
Imports of Iron and steel scrap stood at 411,229 tonnes during December 2021. Import volumes declined by 11.45% on a month on month basis and 13.22% on a year on year basis. Import values also declined as compared to November, by 6.25% in terms of rupees and 8.45% in terms of USD, however, on a year on year comparison import values rose by 66.45% in terms of rupees and 50.39% in terms of USD.
Meanwhile, production of Billets and Ingots during the July-October 2021 period rose to 1,638,666 tonnes up 12.78% on a year on year basis as compared to the same period in 2020. Production of H/C.R.Sheets/Strips/Coils/plates etc also rose to 1,146,500 tonnes in the July-October 2021 period, up 10.27% on a year on year basis.