Pakistan's Palm Oil Imports Plummet, Trade Deficit Shrinks

In the first eleven months of the current fiscal year, Pakistan witnessed a notable decrease of 25.36% in palm oil imports compared to the same period last year, according to the Pakistan Bureau of Statistics (PBS). The country imported palm oil worth $2,531.531 million from July to May 2023-24, a significant drop from $3,391.488 million in the previous fiscal year.

The quantity of palm oil imports also saw a decline of 3.52%, falling from 2,839,098 metric tons to 2,739,137 metric tons. Moreover, soyabean oil imports experienced a substantial decrease of 56.75%, plummeting from $282.201 million to $122.052 million in the ongoing fiscal year.

Notably, the trade deficit contracted by 15.25% in the first 11 months of the current financial year (2023-24) compared to the same period last year. Exports displayed a positive growth of 10.65%, reaching $28.070 billion, while imports decreased by 2.37% to $49.802 billion from July to May 2023-24.

The decline in palm oil and soyabean oil imports, coupled with the reduction in the trade deficit and the growth in exports, reflects a shifting landscape in Pakistan's economic dynamics. These trends highlight the importance of monitoring trade patterns and their impact on the country's overall financial health.