February 21, 2023 (MLN): The imports of food products in the first seven months of the Fiscal Year 2023 amounted to $6 billion, the latest data issued by the State Bank of Pakistan showed.
Of these imports, four daily products – wheat, palm oil, tea, and pulses accounted for nearly 70%, with a total import value of $4.17bn.
Wheat imports saw a significant increase of 23.6% YoY, amounting to $775 million.
This increase is primarily due to a decrease in domestic production and an increase in demand. Similarly, tea imports increased by 2.5% YoY, reaching $364mn.
Palm oil imports, which have been on the rise globally due to high demand, increased by 15% YoY to $2.447bn. The increase in palm oil imports is mainly due to the rise in consumption of the commodity in the country's food industry.
Pulses, which are an essential source of protein in the Pakistani diet, saw a massive increase of 55% YoY, amounting to $589mn.
These four products are critical to Pakistan's food security and are an essential part of the country's food supply chain.
However, the high dependence on imports for these products also exposes the country to various risks, including price volatility in the international market, geopolitical tensions, and climate change impacts on global food production.
The high dependence on imports for wheat, palm oil, tea, and pulses, which account for nearly 70% of Pakistan's food imports, remains a significant concern for the country's food security.
The government's efforts to promote domestic production and improve supply chain management are critical in reducing this dependence and ensuring food security for the country.
