Pakistan’s palm oil imports reach a record high
Pakistan’s palm oil imports reached a record 3.482 million tonnes worth $3.785 billion, driven by rising edible oil demand and lower domestic oilseed production. Industry urged tax cuts and a comprehensive edible oil policy to boost local production and reduce import dependence.
Pakistan’s palm oil imports reached a record 3.482 mln tons worth $3.785 bn, surpassing the previous year’s 3.214 mln tons, according to data from the Pakistan Bureau of Statistics (PBS).
The average import price also increased to $1,078/ton, compared with $1,056/ton a year earlier. Despite higher prices, the country continued to increase purchases as domestic demand remained strong.
According to Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), the increase in imports was driven by rising demand for ghee and edible oils due to population growth, as well as lower domestic production of oilseeds, particularly cottonseed.
Over the past five years, Pakistan’s annual edible oil consumption has increased from 4 mln tons to 4.8 mln tons. However, industry representatives note that the country still lacks a comprehensive national edible oil policy, limiting the development of domestic production.
The PVMA has previously urged the government to reduce taxes on the edible oil and ghee industry. According to the association, lower taxes would help ease the burden on consumers and reduce Pakistan’s dependence on imported vegetable oils.
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Source : Ukr Agro Consult
