KARACHI: Two consignments of wheat imported by Trading Corporation of Pakistan (TCP) have arrived in Pakistan for domestic consumption.
The country is facing a wheat shortage due to lower production output this year and accordingly, the federal government decided to import some 3 million metric tons of wheat for domestic consumption.
Following the directives of the federal government, the state-run grain trader, TCP, has so far finalized deals for the import of 2.6 million metric tons wheat to avoid shortage and control the soaring prices of commodities in the local market.
TCP gets offers in 500,000 tonne of wheat tender
TCP’s two shipments, carrying over 124,000 metric tons of wheat, have reached Pakistan. A ship namely Leventes carrying some 66,000 metric tons wheat arrived during the last week and is currently under discharge at FAP Port Qasim.
In addition, another shipment of 58,000 metric tons was arrived on Monday at Karachi Port and is still waiting for berth. With arrival of these two consignments, overall, some 1.6 million metric ton imported wheat has reached Pakistan during this fiscal year.
Wheat grain and wheat products prices in the country are gradually increasing due to hoarding and delay in release of stocks. Wheat flour prices have touched an all-time high of Rs 160 in the domestic market, despite import of massive quantities by the federal government. After the arrival of these two consignments, the price of essential commodities is likely to reduce in the local market.
Copyright Business Recorder, 2023
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