Pakistan's Edible Oil Imports Surge, Food Exports Soar

Edible oil imports, including soyabean and palm, have seen a significant increase in the first three quarters of the current financial year in the country. Soyabean imports surged by 53.07%, while palm imports rose by 28.55% compared to the same period last year. The country imported about 200,191 metric tons of tea valued at $495.217 million to meet local demands, showing an increase from the previous year's 177,553 metric tons worth $434.938 million.

During July-March 2023-24, the country spent $2.084 billion on importing 2.263 million metric tons of palm oil, slightly lower than the 2.381 million metric tons valued at $2.197 billion imported during the same period last year. Additionally, 107,705 metric tons of soyabean oil worth $116.069 million were imported, a decrease from the previous year's 173.020 metric tons valued at $247.302 million, as per Pakistan Bureau of Statistics data.

On the export front, the food group exports from the country witnessed a robust growth of 48.17% in the first three quarters of the current financial year, reaching $5.651 billion compared to $3.814 billion in the same period last year. In March 2024 alone, food exports increased by 16.35% to $685.025 million from $588.759 million in March of the previous year.

Conversely, food group imports into the country declined by 14.23% during the same period, dropping from $7.333 billion in the first three quarters of the last financial year to $6.290 billion in the corresponding period of the current financial year.