Food exports dwindle by 26.04%, imports up by 17.6%, YoY in April

May 15, 2020 (MLN): The exports of the food group witnessed a decrease of 26.04% YoY and 6.36% MoM to stand at $339 billion in the month of April 2020. While the imports of the food group into the country were recorded at $518 million i.e. around 17.61% YoY and 27.5% MoM higher as compared to the same period of last year and last month respectively.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 20.29% of the total exports during 10MFY20 which clocked in at $3.73 billion, showing a decrease of 1.88% YoY when compared to the same period last year.

The food group accounted for 11.78% of the total imports during Jul-April FY20 as per the data released by the Pakistan Bureau of Statistics, showing a decline of 4.69% YoY to clock in at $4.48 billion.

On the export side, Rice and fruits were the major sources of Foreign exchange earnings as their exports valued at $1.817 billion and $388 million, depicting a growth of 6.63% and 2.11% YoY respectively during 10MFY20 where the major growth of foreign earnings was recorded in Basmati rice, up by 31.84% YoY. However, Fish & Fish Preparations, one of the main export food commodities, witnessed a meagre decline of 1% to $345 million during Jul-April FY20.

On the import side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products dropped by 28.29% YoY, amounted to 54,334 metric tons, valued at $142 million during 10MFY20.

Palm Oil, one of the major commodities that Pakistan imports, recorded a growth of 2.01% YoY, worth a total of $1.57 billion during 10MFY20. While a sharp decline was seen in tea imports as It dropped by around 13.42% YoY to stand at $429 million during 10MFY20 when compared to the same period of FY19.

Copyright Mettis Link News