Soyabean, palm oil imports decreased 54.61%, 25.73% respectively
During the first 10 months of this financial year, Pakistan saw a significant decline in imports of edible oils. Imports of soybean oil plummeted by 54.61%, while palm oil decreased by 25.73%. In April 2024, soybean imports were down by 94.49%, but palm oil imports increased by 20.01% compared to last year. Despite this, food group exports surged by 45.61% to $6.228 billion from July-April 2023-24.
Imports of edible oil including soyabean and palm into the country during the first 10 months of the current financial year decreased by 54.61 percent and 25.73 percent respectively as compared to the imports of the corresponding period of the last year.
During the period from July-April 2023-24, over 108,205 metric tons of soyabeans valued at $116.600 million were imported to fulfill the local requirements of edible oil and vegetable ghee as compared to the imports of 180,373 metric tons costing $256.913 million of the same period of last year.
Meanwhile, over 2.498 million metric tons of palm oil worth $2.300 billion were also imported as compared to the imports of 2.563 million metric tons valued at $3.097 billion in the same period of last year, according to the data of the Pakistan Bureau of Statistics.
On monthly basis, the import of soyabean oil decreased by 94.49 percent, whereas palm oil grew by 20.01 percent in April 2024 as compared to the corresponding period of last year, it added.
Over 500 metric tons of soyabean valued at $530,000 were imported in April 2024 as against the imports of 7,353 metric tons valued at $9.613 million in the same period of last year.
During the month of April 2024, over 235,093 metric tons of palm oil costing $216.103 million was imported as compared to the imports of 182,625 metric tons valued at $180.069 million in the same month of the last year.
During the period from July-April, 2023-24 the food group exports witnessed about 45.61 percent growth as food commodities valued at $6.228 billion were exported as against the exports of $4.277 billion in the same period of the last year, it added.
Source Link: https://dailytimes.com.pk/1194379/soyabean-palm-oil-imports-decreased-54-61-25-73-respectively/
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