Import of edible oil reduces by 70pc in three months

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ISLAMABAD: The imports of edible oil, soybean and palm, into the country reduced by 70.47 per cent and 4.82 per cent during the first quarter of Financial Year 2018-19, as compared the corresponding period of last year.

During the period July-September 2018, import of soybean oil into the country decreased by 70.47 per cent and was recorded at $22.769 million, as compared the $77.113 million during the same period last year.

According to the data of Pakistan Bureau of Statistics, about 29,858 metric tonnes of soyabean oil was imported in first three months of the current financial year as compared the import of 82,085 metric tonnes in the same period last year.

Meanwhile, import of palm oil into the country also reduced by 4.82 per cent as it was recorded at $485.715 million in the first quarter of 2018-19. The import stood at $510.303 million during the corresponding period of last year.

On a month-on-month basis, the import of soybean witnessed a negative growth of 25.93 per cent in September, whereas palm oil import into the country grew by 12.78 per cent.

During the month of September, about 247,410 metric tonnes of palm oil costing $169.953 million was imported to fulfill the domestic consumptions as against the import of $150.689 million during the same period in 2017.

During last month, the import of soyabean oil reduced as the country spent $12.355 million on the import of about 16,309 metric tonnes of soybean oil as against the import of 21,937 metric tonnes worth $16.680 million during the same period of last year.

It may be recalled that during the first quarter of the current financial year, food group import into the country reduced by 10.31 per cent and reached $1.454 billion, as compared the imports of $1.621 billion in the same period last year.

On the other hand, food group exports increased by 16.93 per cent and the country earned $865 million by exporting the different food commodities as against the exports of $740 million during the same period last year.