Consistent: Import of edible oil remains steady
Amounted to $1.6 billion during 10MFY14.
The import of edible oil, which is primarily comprised of palm oil, has eased a little to $1.657 billion in the first 10 months of the outgoing fiscal year 2013-14 (FY14).
LAHORE:
Despite being one of the biggest consumers of edible oil in the world, Pakistan has not been able to increase its own production and relies heavily on imports. However, imports are now showing a steady trend since the past few years and are expected to remain firm at the current level.
The import of edible oil, which is primarily comprised of palm oil, has eased a little to $1.657 billion in the first 10 months of the outgoing fiscal year 2013-14 (FY14). This figure is 3% less compared with the corresponding period previous year, which stood at $1.7087 billion, according to statistics compiled by the State Bank of Pakistan.
The value of imported edible oil for FY13 clocked at $1.9518 billion. However, edible oil imports saw a high of $2.4604 billion in FY12.
Palm oil enjoys a lion’s share in total import of edible oil, which is the biggest item in the Food Group category. As per the latest figures, palm oil and its other byproducts constitute over 95 per cent in the edible oil imports. Palm oil – a well-balanced edible oil – is a type of vegetable oil that is used all over the world in processed foods such as cooking along with a diverse range of other products.
During Jul-Apr 2013-14, the import of palm oil stood at $1.5791 billion while importers purchased soybean oil amounting to $78.287 million. Conversely, import of palm oil worth $1.6667 billion was recorded during Jul-Apr 2012-13 while import of soybean oil valuing at $41.96 million was made.
Published in The Express Tribune, June 15th, 2014.
Despite being one of the biggest consumers of edible oil in the world, Pakistan has not been able to increase its own production and relies heavily on imports. However, imports are now showing a steady trend since the past few years and are expected to remain firm at the current level.
The import of edible oil, which is primarily comprised of palm oil, has eased a little to $1.657 billion in the first 10 months of the outgoing fiscal year 2013-14 (FY14). This figure is 3% less compared with the corresponding period previous year, which stood at $1.7087 billion, according to statistics compiled by the State Bank of Pakistan.
The value of imported edible oil for FY13 clocked at $1.9518 billion. However, edible oil imports saw a high of $2.4604 billion in FY12.
Palm oil enjoys a lion’s share in total import of edible oil, which is the biggest item in the Food Group category. As per the latest figures, palm oil and its other byproducts constitute over 95 per cent in the edible oil imports. Palm oil – a well-balanced edible oil – is a type of vegetable oil that is used all over the world in processed foods such as cooking along with a diverse range of other products.
During Jul-Apr 2013-14, the import of palm oil stood at $1.5791 billion while importers purchased soybean oil amounting to $78.287 million. Conversely, import of palm oil worth $1.6667 billion was recorded during Jul-Apr 2012-13 while import of soybean oil valuing at $41.96 million was made.
Published in The Express Tribune, June 15th, 2014.