Fozia Azam

Pakistan’s imports of palm and soybean oils increased by 12.93% and 234.36%, respectively, during the first five months of the current fiscal year (2022-23), compared to the imports of the corresponding period last year. According to Pakistan Bureau of Statistics data, over 1.269 million metric tonnes of palm oil worth $1.334 billion were imported to meet local demand between July and November of 2022, compared to 1.334 million metric tonnes at a cost of $1.527 billion during the same period the previous year.

To meet local demand, approximately 97,945 metric tonnes of soybean oil worth $144.094 million were also imported, up from 34,672 metric tonnes worth $43.095 million during the same period the  previous year. However, compared to the same month of the previous year, the country's imports of palm oil decreased by 18.43% in November 2022.

About 284,964 metric tonnes of palm oil worth $318.112 million were imported in November 2022, compared to 322,262 metric tonnes worth $389.991 million imported during the same month the previous year. The imports of soybean oil  increased by 69.32% in November 2022 to 20,040 metric tonnes, valued at $32.362 million, compared with 14,200 metric tonnes worth $19.113 million in the same month last year.

It is important to note that compared to the same period last year, food group exports from the country during the first five months of the current fiscal year saw an about 1.03% reduction, while imports grew by 1.63%. From July through November of this year, food commodities worth $1.927 billion were exported, compared to $1.947 billion during the same period of the previous year. In contrast, food commodities worth $4.080 billion were imported, up from $4.015 billion during the same period last year.

Credit : Independent News Pakistan-WealthPk