Saba Javed

The imports of edible oil, including soybean and palm oil, during the first eight months (July-February) of the current fiscal year (2022-23) increased by 148.67% and 9.87%, respectively, compared to the imports of the corresponding period of last year. During the period under review, over 140,120 metric tonnes of soybean oil costing $203.578 million was imported for fulfilling the local requirements as opposed to the imports of 62,750 metric tonnes valuing $81.866 million during the same period of last year.

According to the data received by WealthPK from Pakistan Bureau of Statistics (PBS), over 2.151 million metric tonnes of palm oil worth $2.681 billion was also imported during the period under review against the import of about 2.037 million metric tonnes valuing $2.440 billion during the same period of last year.

Food group imports during the first eight months of the current financial year grew by 3.98% as food commodities costing $6.687 billion were imported compared to the imports of $6.431 billion during the same period of last year. On the other hand, exports of food commodities during the period under review registered 6.08% negative growth, and stayed at $3.226 billion as opposed to $3.434 billion during the same period of last year.

However, the imports of tea decreased by 6.45%, dry fruit and nuts by 43.43%, and spices by 34.31% during the first eight months of FY23 compared to the imports of the same period last year. During the period under review, about 159,562 metric tonnes of tea costing $396.499 million was imported compared to the imports of 177,613 metric tonnes valuing $423.857 million during the same period of last year.

Credit: Independent News Pakistan-WealthPk