Daily Times

Imports of edible oil including palm and soybean into the country during the first months of the current financial year decreased by 5.40 percent and 6.82 percent respectively as compared to the imports of the corresponding month of the last year.

During the month of July 2023 about 12,575 metric tons of soybean costing $14.955 million were imported as against the import of 11,000 metric tons valuing 15.809 million of the period last year, according to data of the Pakistan Bureau statistics.

Over 277,801 metric tons of palm oil worth $278.939, million was also imported in the first month of the current financial year to fulfill the local requirements of coking oil and vegetable ghee as compared the imports of 194,081 metric tons valuing $299.395 million of the same month last year.

However, during the period under review, imports of sugar into the country grew by 20.09 percent as 574 metric tons of sugar costing $593,000 were imported as against the imports of 550 metric tons valuing $449,000 of the same month last year.

It is worth mentioning here that during the first month of the current financial year food group imports into the country decreased by 18.13 percent as food commodities worth $624.804 million were imported as compared to the imports of $763.134 million in the same month of last year.

In July 2023 food commodities valued at $329.156 million were exported as compared to the exports of $356.073 million of the same month last year, which was down by 7.56 percent.

Meanwhile, the trade deficit witnessed a decline of 41.16 percent during the first month of the current fiscal year (2023-24) as compared to the corresponding month of last year. The trade deficit during the month under review was recorded at $1.607 billion against the deficit of $2.731 billion in July 2022, a decline of 41.16 percent.

The exports during the month were recorded at $2.057 billion against $2.250 billion last year, showing a decline of 8.57 percent. On the other hand, the imports witnessed a sharp decline of 26.44 percent falling from $4.981 billion last year to $3.664 billion during July 2023.