Daily Times

Edible oil including palm and soybean imports into the country during the 05 months of the current financial year (2022-23) grew by 12.93 percent and 234.36 percent respectively as compared to the imports of the corresponding period of last year.

During the period from July-November, 2022 over 1.269 million metric tons of palm oil valued at $1.334 billion was imported to tackle the domestic requirements as against the import of 1.334 million metric tons costing $1.527 billion in the same period last year.

Meanwhile, over 97,945 metric tons of soybean oil costing $144.094 million were also imported for producing edible oil and manufacturing vegetable ghee to fulfill local consumptions as compared to the imports of 34,672 metric tons worth $43.095 million in the same period last year.

However, on the month on monthly basis, the import of palm oil into the country reduced by 18.43 percent in November 2022 as compared to the corresponding month of last year, according to the data of the Pakistan Bureau of Statistics.

During last month about 284,964 metric tons of palm oil costing $318.112 million were imported as compared to the imports of 322,262 metric tons valuing $389.991 million in the same period last year.

On the other hand, the imports of soybean oil during November 2022 grew by 69.32 percent and were recorded at 20,040 metric tons valuing $32.362 million as compared to the imports of 14,200 metric tons costing $19.113 million in the same month last year.

It is worth mentioning here that food group exports from the country during the first five months of the current financial year witnessed about a 1.03 percent decrease, whereas imports increased by 1.63 percent as compared to the exports and imports of the corresponding period of last year.

During the period from July-November, this year, exports of different food commodities were worth $1.927 billion as compared to $1.947 billion in the same period of last year, whereas food commodities valuing $4.080 billion were imported as against the imports of $4.015 billion of the same period, last year.