AIRLINK 79.70 Increased By ▲ 1.86 (2.39%)
BOP 4.88 Increased By ▲ 0.01 (0.21%)
CNERGY 4.25 Decreased By ▼ -0.03 (-0.7%)
DFML 44.75 Decreased By ▼ -0.25 (-0.56%)
DGKC 85.75 Decreased By ▼ -0.22 (-0.26%)
FCCL 22.43 Decreased By ▼ -0.02 (-0.09%)
FFBL 31.56 Decreased By ▼ -0.44 (-1.38%)
FFL 9.38 Decreased By ▼ -0.12 (-1.26%)
GGL 9.99 Decreased By ▼ -0.10 (-0.99%)
HASCOL 6.50 Decreased By ▼ -0.05 (-0.76%)
HBL 109.41 Decreased By ▼ -2.59 (-2.31%)
HUBC 141.10 Decreased By ▼ -0.10 (-0.07%)
HUMNL 10.55 Decreased By ▼ -0.42 (-3.83%)
KEL 4.87 Increased By ▲ 0.02 (0.41%)
KOSM 4.32 Decreased By ▼ -0.03 (-0.69%)
MLCF 38.02 Decreased By ▼ -0.23 (-0.6%)
OGDC 127.14 Decreased By ▼ -1.75 (-1.36%)
PAEL 25.25 Decreased By ▼ -0.26 (-1.02%)
PIBTL 6.36 No Change ▼ 0.00 (0%)
PPL 116.79 Decreased By ▼ -0.71 (-0.6%)
PRL 25.84 Increased By ▲ 0.04 (0.16%)
PTC 13.70 Decreased By ▼ -0.04 (-0.29%)
SEARL 57.00 Decreased By ▼ -0.09 (-0.16%)
SNGP 63.61 Decreased By ▼ -1.38 (-2.12%)
SSGC 9.97 Decreased By ▼ -0.03 (-0.3%)
TELE 8.11 Decreased By ▼ -0.01 (-0.12%)
TPLP 10.23 Decreased By ▼ -0.12 (-1.16%)
TRG 66.75 Increased By ▲ 1.51 (2.31%)
UNITY 26.85 No Change ▼ 0.00 (0%)
WTL 1.33 Decreased By ▼ -0.01 (-0.75%)
BR100 7,799 Decreased By -35.8 (-0.46%)
BR30 25,081 Decreased By -164 (-0.65%)
KSE100 74,426 Decreased By -240.9 (-0.32%)
KSE30 23,833 Decreased By -85.9 (-0.36%)

A wheat surplus is likely to mean little appetite for imports this year, although it will purchase more oilseeds due lower crop prospects, a leading local trader said. In November last year, govt imposed a 20 percent import duty on wheat to help protect local farmers from imports, leading to the cancellation of some of the import deals. Anis Majeed, chairman of Karachi-based food commodities firm Bombi's Group, said Pakistan was estimated to produce 25 million tonnes of wheat this year versus around 24 million tonnes last year.
Domestic wheat consumption was pegged around 22-23 million tonnes, he said. "This year, Pakistan will not make big imports because we have the crop and there is a surplus," Majeed said on a visit to London this week. The International Grains Council estimated Pakistan's wheat production in the 2015-16 year at 25.0 million tonnes, versus 25.5 million tonnes in 2014-15. In contrast, Pakistan was expected to import higher quantities of oilseeds including canola, said Majeed, who is also chairman of the wholesale grocers' association of Karachi.
"If you calculate (oilseeds) ... altogether this year, we are expecting to import about 1.5 to 1.6 million tonnes," he said. "Last year was a little less - about 1.2 million tonnes and our crop was better than this year." Majeed said Pakistan expected a good rice crop although exports were likely to be tempered by slower demand. "Pakistan's production is around 6.5 million tonnes annually - out of which 3.5 million tonnes we export," he said.
"Prices have come down as the international market has come down," he added. "Therefore, there could be a little less (exports) this year." Majeed said rice exporters were looking to boost sales to Iran, a major consumer of Basmati grade rice. Iran and six world powers are seeking to overcome remaining differences with a looming self-imposed June 30 deadline to reach a deal over Tehran's disputed nuclear programme. The timing of sanctions relief for Iran are among the disputes holding up a nuclear accord. Majeed said there was already a border trade between Pakistan and Iran for rice with the business handled by local merchants along the border. A nuclear deal could enable other exporters in Pakistani cities such as Karachi and Lahore expanding business.

Copyright Reuters, 2015

Comments

Comments are closed.