KARACHI: Pakistani traders have finalized deals for the import of over 1.3 million metric tons of wheat to meet the domestic demand and stabilize the commodity prices. Out of this quantity, some 0.6 million tons of wheat imported by the private sector has reached Pakistan, importers said.

As the country is facing a shortage of wheat grains, the government has allowed import of wheat by the private sector and for the past two months the traders are importing wheat without any subsidy to fill the supply and demand gap in the local market.

Market sources told Business Recorder that overall, Pakistani traders have booked some 25 vessels for the import of wheat during the last two month. Out of these, some 10 ships carrying approximately 0.6 million tons of wheat have already reached Pakistan and the commodity is being dispatched to different cities of the country.

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Traders informed that the wheat is being imported at a price $280 to $290 per metric ton from Russia, Romania, Bulgaria and Ukraine as the wheat of these regions is almost the same quality as Pakistani wheat.

They informed that with the arrival of imported wheat, wheat flour prices in the domestic market are gradually decreasing and likely to further decline in the coming months.

All government departments, particularly the Department of Plant Protection (DPP), are fully facilitating the wheat import to ensure the timely availability of wheat in the domestic market, they added.

Meanwhile, a delegation of wheat importers headed by Muzzammil Rauf Chappal Chairman Cereal Association of Pakistan (CAP) along with leading commodity traders Safdar Mehkari former chairman Rice Exporters Association of Pakistan (REAP), Imam ud Din Qamar, Rubail Ali and Umer also met the Director General (DG) DPP Dr Allah Ditta Abid and appreciated the support of DPP for the import of wheat.

Chappal said that DG DPP is fully cooperating and facilitating the import of essential commodities to ensure the timely unloading and dispatching.

He confirmed that overall Pakistani importers have finalized deals for the import of 1.3 million metric tons wheat, out of which some 0.61 million tons of wheat has already arrived, while some 15 vessels of imported wheat are expected to arrive in November.

He said that the private sector has always supported the government to avoid any commodity shortage in the country. Chappal said that now sufficient stocks of wheat grains are available in the country and there is no threat of shortage in the domestic market.

Copyright Business Recorder, 2023