Import of soyabean oil reduces by 58.1pc in 8 months

ISLAMABAD: Soyabean oil import into the country during first eight months of current financial year reduced by 58.1 percent as compared to the imports of corresponding period of last year.

Soyabean oil import into the country came down from 108.125 metric tons to 38.950 metric tons during the period from July-February 2016-17, according the data of Pakistan Bureau of Statistics.

The country spent US$ 58.201 million on the import of soyabean oil in last 8 months of current financial year to fulfill the domestic requirements of the edible oil as compared the imports of US$ 138.615 million of same period of last year.

However, during the period under review imports of the palm oil into the country swelled by 9.25 percent as about 1,673,121 metric tons of the commodity valuing US$ 1.184 billion imported.

The import of palm oil into the country during first 8 months of last financial year was recorded at 1,779,666 metric tons costing US$ 1.85 billion, it added.

Meanwhile, imports of different spices into the country reduced by 5.81 percent as it was recorded at 103,286 metric tons as compared the import of 101,453 metric tons.

During last eight months, spices worth US$ 89.128 million were imported as compared the import of 94.620 million of same period last year.

During the period from July-February, 2016-17, tea import into the country also decreased by 0.8 percent as compared the import of last year.

About 145,714 metric tons of tea worth US$ 361.384 million were imported to fulfill the domestic consumption as against the import of 119,362 metric tons valuing US$ 384.313 million of same period of last year.

It may be recalled here that during last eight months food group imports into the country increased by 13.47 percent and recorded at US$ 3.970 billion as compared the imports of 3.498 billion of the corresponding period of last year.

On the other hand food exports from the country witnessed 11.79 percent decrease in first eight months of current financial year and was recorded at US$ 2.339 billion as against the imports of US$ 2.652 billion of same period of last year.

Copyright APP (Associated Press of Pakistan), 2017