December 18, 2019 (MLN): The exports of food group witnessed an increase of 16.20% YoY to $1.75 billion during Jul-Nov FY20.
According to the latest data issued by Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 18% of the total exports during the Jul-Nov FY20.
Whereas, imports of the food group into the country during the period under review were recorded at $2.08 billion, down by 15.36% YoY as per the data released by Pakistan Bureau of Statistics. The food group accounted 11% of the total imports during the Jul-Nov FY20.
On the exports side, Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $835 million and $184 million, depicting a growth of 38.5% and 27% YoY respectively during the Jul-Nov FY20.
During the month of November 2019, the exports of food products reached to $397 million, signifying the growth of 16.30% YoY as against of $341 million in November 2018. The food exports increased by 5.92% MoM in November 2019 when compared to the $375 million of October 2019.
On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products shrank by 23% YoY, amounted to 22,762 metric tons, valued at $63 million during the Jul-Nov FY20.
During the said period, Pakistan imported 1,230,502 metric tons of palm oil, worth a total of $676 million. This marks a decline of 13.95% compared with same period of last fiscal year.
A sharp decline was seen in tea imports. It dropped by 26% YoY to stand at $184 million during Jul-Nov FY20 when compared to the same period of FY19.
In the month of November 2019, the imports of food group valued at $505 million, up by 5.14% YoY as against of $480 million in November 2018. Similarly, the food outflows increased by 3.99% MoM in November 2019 versus $486 million of October 2019.
