22/02/2024 (Daily Times, Pakistan) - Edible oil including soyabean and palm imports into the country during the first 07 months of the current financial year decreased by 49.85 per cent and 34.14 per cent respectively as compared to the imports of the corresponding period of last year.

During the period from July-January, 2023-24 about 91,950 metric tons of soyabean oil valued at $99.990 million were imported as compared to the imports of 136,870 metric tons costing $199.386 million of the same period of last year, according to the data of Pakistan Bureau of Statistics.

During the period under review, over 1.735 million tons of palm oil worth $1.611 billion were imported as compared the imports of 1.927 metric tons valued at $2.446 billion of the same period of the last year, it added.

Meanwhile, the sugar imports into the country also decreased by 42.75 per cent as about 2,260 metric tons of sugar valued at $2.10 million were imported as compared to the imports of 4,332 metric tons worth $3.67 million in the same period of last year.

During the period under review, food group exports from the country grew by 57.66 per cent as different food commodities valued at $4.267 billion were exported as compared to the exports of $2.706 million in the same period of last year.

On the other hand food group imports into the country during the first 07 months of the current financial year decreased by 21.09 per cent as food imports came down from $5.983 billion in the first 8 months of the last financial year to $4.721 billion during the same period of the current financial year.

The imports of commodities including wheat decreased by 28.81 per cent, soya bean oil by 48.85 per cent, palm oil by 34.13 per cent and sugar by 42.75 per cent respectively.

It is worth mentioning here that the exports from the country witnessed an increase of 7.89 per cent during the first seven months of the current fiscal year (2023-24) compared to the corresponding period of last year. According to the latest PBS data, exports from the country increased up to $17.782 billion during July-January (2023-24) as against the exports of $16.481 billion in July-January (2022-23), showing a growth of 7.89 per cent. On the other hand, imports into the country declined by 14.11 per cent to $30.949 billion this year against the imports of $36.034 billion last year.

Based on the figures, the trade deficit during the first seven months of the current fiscal year was recorded at $13.167 billion against the deficit of $19.553 billion last year, showing a sharp decline of 32.66 per cent.

Source: APP

https://dailytimes.com.pk/1172669/imports-of-palm-soyabean-oil-decrease-by-49-95-34-14/