KARACHI: Pakistan imported food worth $6.185 billion during FY18, weakening tenuous external account in the agriculture sector.
Data released by the Pakistan Bureau of Statistics on Friday revealed food imports increased meagerly by 0.68 percent from $6.143 billion during FY17, reported The News.
However, traders and analysts believe the country needs to shift focus on home-grown crops to replace imports.
Edible oil imports stood at $2 billion, palm oil exports rose 7.1 percent year-on-year (YoY), touching $2.04 billion during FY18.
Soybean imports rose 11 percent, touching $136 million and the country’s cotton imports surged 33 percent, touching $1.1 billion during the recently concluded FY18.
The government’s regulatory measures to rein in imports accelerated deluge of smuggled goods instead of reducing demand.
Analysts stated people having buying power keep on purchasing imported items despite price rises.
Also, PBS data revealed oil imports surged 32.1 percent, touching $14.4 billion in just concluded FY18 due to rise in global prices of petroleum causing the import bill to surge.
Petroleum production imports stood at $10.923 billion during FY17. Imports of petroleum products posted a 9.33 percent rise, touching $7.476 billion in FY18, however, decreased 8.3 percent in terms of quantity.
Machinery imports decline 1.6 percent, touching $11.569 billion in just concluded FY18 as Chinese-pledged infrastructure projects are reaching a maturity stage.
Also, imports of power generating plants and electrical machinery including appliances slipped 12.2 percent and six percent respectively.
Transport group imports ratcheted up 31.7 percent to touch $4.383 billion with imports of motorcycles and cars recording double-digit growth, revealed PBS data.
