Pakistan’s import expenditures for the mineral products group, primarily consisting of petroleum, witnessed a notable decline in February 2026. According to the latest data from the State Bank of Pakistan (SBP), the petroleum import bill stood at $1.31 billion, marking a 12.71 percent decrease compared to the $1.50 billion recorded in the same month last year. While the annual figures showed a contraction, the monthly trend indicated a slight stabilization with a 1.85 percent increase from January’s $1.28 billion. Mineral fuels and oils continued to dominate this category, accounting for $1.29 billion of the total expenditure, as the country managed its energy requirements amid fluctuating global prices and shifting domestic demand.
The chemical and allied industries group experienced a much sharper monthly contraction, with imports falling to $473.28 million—a 25.8 percent drop from January. This significant decline was almost entirely driven by a massive 89.4 percent crash in fertilizer imports, which plummeted to just $10.50 million from nearly $100 million in the previous month. This reduction highlights a shift in seasonal agricultural demand and increased reliance on domestic production. Conversely, vegetable products showed robust growth, surging to $427.86 million. This represented a 28.45 percent year-on-year increase, fueled largely by a 58.5 percent monthly jump in the import of oil seeds and oleaginous fruits, which reached $245.06 million as the food processing sector ramped up activity.
Other categories within the import regime showed a general trend of consolidation. The animal and vegetable fats category saw its bill decrease by 13 percent month-on-month to $357.11 million, while prepared foodstuffs also declined by 26.5 percent to $45.71 million. A significant factor in the latter was a sharp reduction in cocoa and cocoa preparations, which halved compared to January levels. These shifts across various sectors reflect the central bank’s ongoing efforts to prioritize essential imports while managing foreign exchange outflows. As the country moves further into the second half of the fiscal year, the reduction in high-value energy and chemical imports remains a key component in maintaining a favorable current account balance.
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