Soyabean, palm oil imports grow 148.67%, 9.87 % in eight months

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The imports of edible oil including soyabean and palm oil into the country during the first eight months of the current financial year increased by 148.67 percent and 9.87 percent respectively as compared to the imports of the corresponding period of last year.

During the period from July-February 2022-23, the imports of soyabean oil into the country recorded about 148.67 percent positive growth as over 140,120 metric tonnes of the above-mentioned commodity 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 of the same period last year.

Meanwhile, over 2.151 million metric tonnes of palm oil worth $2.681 billion were also imported during the period under review as against the imports of about 2.037 million metric tonnes valuing $2.440 billion in the same period last year.

According to the data by the Pakistan Bureau of Statistics, food group imports into the country during the first eight months of the current financial year grew by 3.98 percent as food commodities costing $6.687 billion were imported as compared to the imports of $6.431 billion of the same period last year.

On the other hand, exports of food commodities from the country during the period under review registered 6.08 percent negative growth and reached $3.226 billion in July-February 2022,23 as opposed to $3.434 billion in the same period last year.

However, the imports of tea decreased by 6.45 percent, dry fruit and nuts by 43.43 percent, whereas the imports of spices also reduced by 34.31 percent as 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 were imported as compared to the imports of 177,613 metric tonnes valuing $423.857 million in the same period last year.