SBP reports 13pc decline in vegetable goods' imports

ISLAMABAD: The imports of vegetable products into the country decreased by 13.20 percent during the financial year 2018-19 as compared to the corresponding period of last year, the State Bank of Pakistan (SBP) reported.

The vegetable product imports into the country during July 2018-June 2019 were recorded at $2475.547 million against the import of $2852.307 million during July-June (2017-18), showing declined of 13.20 percent, according to SBP report.

The food commodities that contributed in negatively growth included edible vegetables, import of which dip from $518.534 million last year to $412.634 million during the period under review, showing declined of 20.42 percent.

The imports of coffee, tea, mate drink and spices decreased by 11.69 percent, from $718.257 million to $634.238 million whereas the imports of oil seeds and oleaginous fruits also decreased by 7.74 percent, from $1335.165 million to $1231.826 million.

The imports of cereals declined by 11.15 percent from $99.745 million to $88.617 million while the imports of edible fruits and nuts decreased by 66.677 percent, from $108.478 million last year to $36.155 million, the data revealed.

The imports of milling industry however, witnessed growth of 2.55 percent, from $21.133 million to $21.804 million whereas the imports of other vegetable saps and extracts increased by 7.52 percent, from $19.260 million to $20.709 million.

Meanwhile, the country's merchandize trade deficit plunged by 15.33 percent during the fiscal year 2018-19 as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The trade deficit contracted to $31.820 billion during July-June (2018-19) against the deficit of $37.583 billion recorded during July-June (2017-18).

The exports during the period under review witnessed decrease of one percent by falling from $23.212 billion during last year to $22.979 billion during the ongoing fiscal year.

On the other hand, the imports declined by 9.86 percent to $54.799 billion during the period under review from $60.795 billion last year, the data revealed.

On year-on-year basis, the merchandize exports declined by 8.77 per cent, from $1.882 billion in June 2018 to $1.717 billion in June 2019 while the imports declined by 22.80 percent from $5.652 billion in June 2018 to $4.364 billion in June 2019, the data revealed.