Raza Khan

Pakistan imported food items worth $5.022 billion during the first six months of the current fiscal year, showing an increase of 2.2% compared to the corresponding period of the previous financial year, WealthPK reports. According to the Ministry of Commerce, the volume of the food group imports was recorded at $4.914 billion during the first half of the previous financial year. Pakistan spent the largest chunk of the food group imports bill on purchasing palm oil during the first half of the current fiscal.

The import bill of palm oil was $2.086 billion during the first six months of the ongoing year against $1.839 billion in the corresponding period of the year 2021-22, showing an increase of 13%. According to the Trade Development Authority of Pakistan (TDAP), the country imports 75% of palm oil products from Indonesia under the Preferential Trade Agreement (PTA) and 25% from Malaysia under the Free Trade Agreement (FTA).

Despite these agreements, Pakistan pays high export duties on crude palm oil. The increasing prices of refined palm oil have also affected the economy of the country. The total local consumption of edible oil is five million metric tonnes and 30% of it is produced domestically while 70% of edible oil is imported from abroad. 

Apart from palm oil, Pakistan also imported soyabean oil worth $156.28 million during the first six months of the ongoing financial year compared to $46.3 million in the corresponding period of the previous fiscal. The country also imported wheat worth $606.23 million during the first half of the current fiscal compared to $469.16 million in the same period of the previous financial year, showing an increase of 29%.

Tea remained one of the major food items imported during the period under review. Pakistan imported tea worth $319.74 million against $299.6 million in the same period of the previous year, showing an increase of 7%. With a massive surge of 54%, the import of leguminous vegetables reached $530.96 million during the first six months of the current fiscal from $344.96 million in the corresponding period of the previous financial year. 

However, the import of milk, cream and milk food for infants declined by 5% during the first half of the ongoing financial year and dropped to $43.07 million from $45.47 million in the same period of the previous fiscal. Pakistan imported onions, tomatoes and grapes worth $93.07 million, 43.89 million and $ 53.34 million, respectively, in the ongoing financial year. Indonesia remained the largest source of food group imports for Pakistan during the period under review with a value of $1.960 billion, up by 19%.

Russia remained its second-largest source of food group imports with a volume of $ 300.29 billion. Wheat remained one of the major food items, which Pakistan imported from Russia during the period under review. With a volume of $260 billion, Kenya was registered as Pakistan’s third-largest source of food group imports. Pakistan mainly imports tea from Kenya. 

The food group import from Brazil, Malaysia, Australia and Afghanistan was recorded at $244.83 million, $242.04 million, $227.70 million and $208.56 million, respectively, according to the data available with WealthPK.

Credit: Independent News Pakistan-WealthPk