Palm oil imports up by 8.14pc to $1.7bn

ISLAMABAD: The imports of palm oil into the country witnessed increase of 8.14 percent during the first eleven months of the fiscal year 2017-18 as compared to the imports of the corresponding period of previous year.

Pakistan imported palm oil worth $1888.321 million during July-May (2017-18) against the imports of $1746.104 million in July-May (2016-17), showing growth of 8.14 percent, according to the data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, Pakistan imported 2,619,837 metric tons of palm oil during the period under review against the imports of 2,408,723 metric tons last year, showing growth of 8.76 percent.

Meanwhile, the soyabean oil imports also increased from $112.533 million during FY2016-17 to $125.181 million in first eleven months of FY2017-18, showing growth of 11.24 percent.

In terms of quantity, the soyabean imports increased from 104,245 metric tons to 143,343 metric tons, showing growth of 37.51 percent.

Meanwhile on year-on-year basis, the palm oil imports into the country slipped down by 18.50 percent during May 2018 against the imports of May 2017. The palm oil imports during May 2018 were recorded at $159.112 million against the imports of $195.237 million, the data revealed.

On month-on-month basis, the palm oil imports decreased by 14.15 percent during May 2018 when compared to the imports of $185.329 million in April 2018.

On the other hand, the soyabean imports into the country also decreased by 84.61 percent in May 2018 to $4.764 million compared to the imports of $30.951 million in May 2017.

On month-on-month basis, the soyabean imports into the country decreased by 51.64 percent in May 2018 when compared to the imports of $9.851 million in April 2018, the data revealed.

It is pertinent to mention here that the overall food imports into the country increased by 1.06 percent during July-May (2017-18) compared to corresponding period of last year. The food imports during the period were recorded at $5715.385 million against the imports of $5655.231 million, the data revealed.