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Food exports decline by 24% YoY in May’21

June 21, 2021 (MLN): The trade value of food exports from the country in May’21 stood at around $243million, showing a decline of 24.49% YoY from $321.4mn in May 2020.

Similarly, on MoM basis, the group witnessed a dip in exports by 37.14% compared to the same period last year.  

The overall contribution of this group remained 17.54% of the total exports during July-May FY21 which stood at $4billion, dropped by 2.36% YoY when compared to the same period last year, as per the latest data revealed by the Pakistan Bureau of Statistics (PBS).

Commodity-wise, Rice remained to be the major source of foreign exchange earnings in May 2021 as its exports valued at $106mn, fall by 44% MoM. Likewise, on a YoY basis, the export value of the same commodity witnessed a sharp cut by 49%.

The export of fish & fish preparations stood at $31mn, depicting a decline of 35.51% MoM. However, on a YoY basis, the export increased by 9.53%. 

Meanwhile, the export volume of meat and meat preparations shrank by 17.97% MoM whereas, on a YoY basis, the export of similar products surged by 28.45%.

Similarly, the export volume of vegetables expanded by around 70% YoY whereas, on MoM basis, the same commodity witnessed a slash of 40% to stand at 18.8mn. Likewise, total fruits’ exports declined by 25% MoM, while exports of fruits increased by 18.41% YoY compared to the same period last year.

On the import side, the total import bill of the food group amounted to $650.74mn, marking an increase of 54.44% on a YoY basis against the same period of last year due to increased demand after the lockdown situation amid the Covid-19 pandemic.

Collectively, the group accounted for almost 15% of the total imports during 11MFY21 as per the data released by PBS, up by 54% YoY to clock in at $7.5bn.

During the month of May 2021, the data further revealed that imports of Palm Oil valued at $255mn, showcasing a decline of 9.29% MoM. On the other hand, the import bill of the same commodity has posted a notable surge of 89.15% on a YoY basis.  

Moreover, the import bill of milk and dairy products positioned at $16.5mn, during the said period, up by 27% MoM and 98% YoY.

Likewise, the import of tea also dipped by 7.28% MoM whereas, on yearly basis, the import bill of tea surged by 12.2% to stand at $49.3mn.

It is pertinent to mention that during the month, import of wheat remained zero in the presence of a sufficient amount of locally available wheat.

Copyright Mettis Link News

Posted on: 2021-06-21T13:25:00+05:00

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