Tea imports dip by 35.36 percent to $65.26mn in two months

• Pakistan imports tea worth $65.260 million.
• Tea imports decreased by 26.79 percent.
• Pakistan imports 27,403 metric tons of tea.

ISLAMABAD: Pakistan imported tea worth $65.260 million during the first two months of the current fiscal year, showing decline of 35.36 percent when compared to the imports of $100.954 million during the corresponding period of last year.

In terms of quantity, the tea imports decreased by 26.79 percent during July-August (2019-20) when compared to the corresponding months of last year, according to the latest data of Pakistan Bureau of Statistics (PBS).

Pakistan imported 27,403 metric tons of tea during the period under review against the imports of 37,431 metric tons during last year.

The overall food imports into the country declined by 26.81 percent during the period under review. The total food imports into the country during the two months were recorded at $697.340 million against the imports of $952.717 million during the corresponding period of last fiscal year.

Meanwhile, on year-on-year basis, the tea imports witnessed negative growth of 37.57 percent in August 2019 when compared to the imports of August 2018. The tea imports during August 2019 were recorded at $30.770 million against the imports of $49.287 million in August 2018.

On month-on-month basis, the tea imports decreased by 10.79 percent during August 2019 when compared to the imports of $34.490 million during July 2019, according to the data.

It is pertinent to mention here that the trade deficit during first two months of the current fiscal year dipped by 35.86 percent as compared to the corresponding period of last year.

The trade deficit during July-August (2019-20) was recorded at $3.924 billion against the deficit of $6.118 million in July-August (2018-19), the data revealed.

During the period under review, the exports from the country increased by 2.79 percent, from $3.651 million last year to $3.753 million during the current year.

On the other hand, the imports witnessed negative growth of 21.41 percent by falling from $9.769 million last year to $7.677 million this year.