Sunday, August 14, 2022

Imports of palm oil have increased 40 percent over 11 months

Imports of palm oil rose in the first eleven months of the current fiscal year by 40.61 percent compared to imports from the same period last year.

Palm oil imports in July-May (2020-21) were recorded at $2,397,316 million versus imports of $1,704,909 million in July-May (2019-20), and increase according to the latest data from the Pakistani government by 40.61 percent mean office statistics).

In terms of volume, Pakistan imported 2,957,210 tonnes of palm oil in the period under consideration, compared to 2,752,872 tonnes in the previous year, an increase of 7.42 percent.

On the other hand, soybean oil imports also increased 54.30% from $46,403 million last year to $71,602 million this fiscal year.

In terms of volume, soybean oil imports rose 40.39 from 67,595 tons to 94,826 tons.

Meanwhile, annual palm oil imports rose by 89.15% in May 2021 compared to imports in May 2020. In May 2021 it was recorded at US$ 255.120 million, from imports of US$ 134,880 million.

However, on a monthly basis, palm oil imports fell 9.29% in May 2021, compared to imports of $281,262 million in April 2021.

Soybean imports were up 2,091 percent year-on-year, up from $0.420 million in May 2020 to $9.205 million.

It is worth mentioning here that the total export of goods from the country increased by 14.05% in the first eleven months of the current fiscal year (2020-21) compared to the same period last year.

According to the data, the country’s trade deficit increased by 30.44% during the reporting period compared to the same period last year. The trade deficit was $27.463 billion for the period compared with a deficit of $21.054 billion last year.

Read Also: Pakistan has seen less than 50 COVID-19 deaths for the tenth day in a row

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