Pakistan Agriculture News

Pakistan’s food & oil imports spike up 26 percent

ISLAMABAD: The country’s food and oil import bill increased 26 percent on a year-on-year basis, touching $11.6 billion during first seven months of current financial year.

This has been attributed to a rise in global oil and grain prices, reported an English Daily.

Data released by Pakistan Bureau of Statistics (PBS) disclosed LNG imports grew $1.2 billion during July-January of current financial year.

And petroleum imports exhibited a rise of 35.6 percent on a year-on-year basis, touching $7.9 billion during the first seven months of FY 2017-18.

Crude oil imports surged 57 percent YoY, touching $2.2 billion. Quantitively, an increase of 27 percent YoY was posted, touching 5.8 million tons.

Petroleum products imports rose 16.4 percent, touching $4.4 period during July-Jan period. Quantitively, a rise of around 7 percent was recorded YoY, touching 10 million tons.

Second major constituent of the import bill were food commodities which grew 9.7 percent YoY, to touch $3.7 billion. It was attributed to major surge of 19pc YoY in palm oil imports, touching $1.2 billion in value.

Also, tea imports grew 11 percent YoY, touching $333.9 million and import of other food items increased 17 percent year-on-year, touching $1.5 billion.

Milk product imports also grew 9.9 pc YoY, touching $152.3 million. Soyabean oil import went up 82 percent, touching $105.7 million. Spices imports grew 22.5 percent year-on-year to $93 million.

Sugar imports registered 4.9 percent increase YoY, touching $0.34 million.

Pulses imports declined 35.7 percent, year-on-year to $315.4 million because of improved yield locally. Dry fruit imports declined 8.5 percent YoY, touching $91.3 million due to imposition of regulatory duties on several types of dry fruits.

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