Food Imports Fall by 28.81% in July-August FY19-20

During the first two months of the current fiscal year (Jul-Aug FY 19-20), food group imports decreased by 28.81% to $697.340 million as compared to $952.717 million in the corresponding period last year.

According to the data released by Pakistan Bureau of Statistics, during the two months, the import of milk, cream, and milk food for infants reduced by 40.89% as 7,981 metric tons worth $21.014 million was imported as compared with the imports of 13,300 metric tons valuing $35,551 million.

Meanwhile, the tea import fell 35.38% as about 27,403 metric tons worth $66.342 million was imported in compared with the imports of 37,431 metric tons worth $100.954 million.

The import of spices also came down by 6.23% as about 22,396 metric tons of spices worth $27.172 million were imported as compared to the imports of 27,608 metric tons worth $28.976 million in the same period of last year.

However, in the first two months of the current financial year, the import of soya bean oil witnessed an unprecedented increase of 122.45% as about 33,225 metric tons of soya bean oil, which was worth $23.164 million, got imported against the import of 13,453 metric tons valued $10.413 million last year.

Meanwhile, the import of palm oil went down by 29.77%, as it was recorded at 410,038 metric tons, costing $221.1774 million compared to 477,486 million tons imported, valued at $315.763 million last year.

It may be recalled that food group imports when compared on a monthly basis also registered a negative growth of 15.68%, recorded at $406.701 million during August 2019 compared to $482.189 million in August 2018.

Overall imports during the July-August 2019 period were $7.677 billion compared to $9.769 billion last year, showing a decrease of 21.41 percent, which provided relief to the government.

On the other hand, exports grew 2.8% or just $102 million to $3.75 billion in the July-August period, compared with $3.65 billion in 2018.