Raza Khan

Pakistan’s imports of food items were recorded at $707.27 million in October 2022, down by 7.31% compared to the same month of last year, according to the Ministry of Commerce The food group imports were recorded at $763.03 million during October 2021, the data shows. Pakistan has spent the largest chunk of food group imports bill on purchasing palm oil in the fourth month of the current fiscal year. The import bill of palm oil amounted to $270.83 million during the month under review against $246.11 million in the corresponding period of 2021, with an increase of 10%.

According to the Trade Development Authority of Pakistan (TDAP), the country imports 75% of palm oil products from Indonesia under the Preferential Trade Agreement (PTA), and 25% of palm oil products from Malaysia under the Free Trade Agreement (FTA). The total local consumption of edible oil is 5 million metric tonnes, 30% of which is domestically-produced and 70% of edible oil demand is met through the import of refined palm oil.

Apart from palm oil, Pakistan also imported soyabean oil worth $33.98 million during the month under review compared to $2.72 million in October 2021. Pakistan also imported wheat worth $51.94 million during the month under review compared to 135.44 million in the same month of last year, with a decline of 61%.

Tea remained among the major food items imported in October with an import value of $57.27 million against $37.16 million in same month of the preceding year, with an addition of 54%. Pakistan is the largest tea importer around the globe.Kenya is the largest source of tea import for Pakistan in terms of quantity as well as value. According to the United Nations COMTRADE database on international trade, Pakistan imported tea worth over $480 million from Kenya in 2021.

With a massive surge of 92%, imports of pulses rose to $102.4 million during the month under review from $53.33 million in same period of last fiscal year. Imports of milk, cream and milk food for infants also grew by 116% in October 2022 and went up to $15.89 million from $7.34 million in the same month of last fiscal year.

Imports of spices, and dry fruits and nuts were registered at $10.95 million and $5.24 million, respectively, during the month under review. Pakistan food group import bill declined by 24.78% in October when compared to import bill of September. Pakistan spent $940.28 million on importing food items in September.

Pakistan’s imports of food items were recorded at $9.015 billion during the last fiscal year 2021-22, up by 8% compared to the preceding year. Pakistan has spent the largest chunk of food group import bill on purchasing palm oil in 2021-22. The import bill of palm oil amounted to $3.549 billion in 2020-21.

Credit : Independent News Pakistan-WealthPk