07/08/2014 (Business Recorder) - The country spent $1.859 billion on the import of palm oil during the last fiscal year 2013-14, which is 5.25 percent lower than the spending in fiscal year 2012-13, official figures say. The country's palm oil import remained lower by $103 million in the last fiscal year as compared to the edible oil import of $1.962 billion in the corresponding fiscal year, says Pakistan Bureau of Statistics (PBS).

In terms of volume, the country's palm oil import went up by 56 million metric tons (3 percent) to 2.219 million metric tons in the last fiscal year from 2.163 million metric tons in the corresponding fiscal year 2012-13, the figures suggest. In June 2014, the country's palm oil import surged by $60.985 million (48 percent) to $188.498 million from $127.513 million in June 2013. The volume of palm oil import grew by 59,077 metric tons (38.36 percent) to 213,093 metric tons in June 2014 from 154,016 metric tons in June 2013, the PBS says.

Import of soybean oil posted a robust growth of $36.51 million (49.03 percent) to $110.977 million in the last fiscal year 2013-14 as compared to the import of $74.467 million in the corresponding fiscal year 2012-13, the figures suggest. The size of soybean oil import mounted by 51,416 metric tons (85.26 percent) to 111,719 metric tons in the last fiscal year 2013-14 from 60,303 metric tons in the corresponding fiscal year 2012-13, the statistics show.

In June 2014, import of soybean oil skyrocketed by $29.109 million (6,556.08 percent) to $29.553 million from $0.444 million in June 2013. The import volume of soybean oil increased by 30,124 metric tons (8,368 percent) to 30,484 metric tons in June 2014 from 360 metric tons in June 2013, the PBS says.