Soyabean, palm oil imports drop 9.58pc, 6.28pc in six months

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Soyabean-palm oil

ISLAMABAD: The imports of edible oil including soyabean and palm into the country during the first half of the current financial year reduced by 9.58 per cent and 16.28pc respectively as compared to the imports of the corresponding period of last year.

According to data from the Federal Bureau of Statistics, during the period from July-December FY20, the palm oil import into the country was recorded at $842.418 million as against $931.661 million of the same period of last year.

During the period under review, about 1.516 million metric tonnes of palm oil imported in the first half of the current financial year as compared to the imports of 1.449 million metric tonnes of the same period of last year.

The imports of soyabean oil also decreased by 16.28pc and were recorded at 59,278 metric tonnes ($40.817 million) as against 65,854 metric tonnes ($48.756 million) of the same period of last year.

During the period under review, the country also imported about 510,506 metric tonnes of pulses ($245.671) million as against 525,624 metric tons ($287.827) million of the same period of last year.

It may be recalled that the food group exports from the country during the first half of the current financial year witnessed about 10.26pc growth as compared to the corresponding period of last year.

Food commodities worth over $2.199 billion were exported during the period from July-December FY20 as compared to the exports of $1.994 billion of the same period of last year.

On other hand, imports of the food commodities into the country during the period under review registered decreased of 13.48pc as it came down from $2.566 billion in the first half of the last financial year to $2.556 billion in the first six months of the current financial year.

However, on a month-on-month basis, the food group exports witnessed a declining trend in December 2019 as it was recorded at $442.073 million as against the exports of $482.399 million of the same month of last year.

Meanwhile, the data further revealed that the imports of the food group into the country during December 2019 also reduced by 4.14pc as it went down from $498.280 million to $477.585 million.

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