Pakistan’s Edible Oil Imports Drop Significantly in 10 Months
During the initial 10 months of the fiscal year 2023-24, Pakistan witnessed a notable decline in soybean and palm oil imports. Soybean imports dropped by 54.61%, totaling 108,205 metric tons valued at $116.600 million. Similarly, palm oil imports decreased by 25.73%, amounting to 2.498 million metric tons worth $2.300 billion. However, food exports surged by 45.61%, reaching $6.228 billion, while food imports fell by 12.18% to $6.817 billion.
ISLAMABAD: The import of edible oils, including soybean and palm has witnessed a huge decrease during the initial 10 months of the ongoing financial year.
Comparing this period to the corresponding months of the previous year, imports of soybean and palm oils decreased by 54.61% and 25.73% respectively, Pakistan Bureau of Statistics reported.
Between July and April of the fiscal year 2023-24, the country imported 108,205 metric tons of soybeans valued at $116.600 million to meet local demands for edible oil and vegetable ghee. This marked a significant decrease from the 180,373 metric tons costing $256.913 million imported during the same period the previous year.
Moreover, palm oil imports totaled 2.498 million metric tons worth $2.300 billion, down from 2.563 million metric tons valued at $3.097 billion in the corresponding period of the preceding year, shows data from the Pakistan Bureau of Statistics.
In April 2024, the import of soybean oil plummeted by 94.49%, while palm oil importation increased by 20.01% compared to April of the previous year. Specifically, 500 metric tons of soybean valued at $530,000 were imported, contrasting with 7,353 metric tons valued at $9.613 million in the same period last year.
Meanwhile, palm oil imports for April 2024 reached 235,093 metric tons costing $216.103 million, up from 182,625 metric tons valued at $180.069 million in April of the preceding year.
Over the July-April period of 2023-24, exports within the food group experienced a significant 45.61% growth, with food commodities valued at $6.228 billion exported, compared to $4.277 billion in the same period of the previous year. Conversely, food imports declined by 12.18%, amounting to $6.817 billion compared to $7.762 billion in the corresponding period of the previous year.
On a month-to-month basis, food commodity imports grew by 22.82%, totaling $527.026 million in April 2024 compared to $429.114 million in April of the previous year.
Source Link: https://en.wenews.pk/pakistans-edible-oil-imports-drop-significantly-in-10-months/
