Edible oil, sugar imports drop

Exports increased 7.89%, imports declined 14.11% during July-January (2023-24)

ISLAMABAD:

Edible oil including soyabean and palm imports into the country during the first seven months of the current financial year decreased by 49.85% and 34.14% 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 tonnes of soyabean oil valued at $99.990 million were imported as compared to the imports of 136,870 metric tonnes costing $199.386 million of the same period of last year, according to the data of Pakistan Bureau of Statistics (PBS).

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

Meanwhile, sugar imports also decreased by 42.75% as about 2,260 metric tonnes of sugar valued at $2.10 million were imported as compared to the imports of 4,332 metric tonnes 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% 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.

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

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%.

On the other hand, imports into the country declined by 14.11% to $30.949 billion this year against the imports of $36.034 billion last year.

Published in The Express Tribune, February 22^nd, 2024.

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