Food Exports witness 7.64% YoY decline during 1HFY21

January 15, 2021 (MLN): The exports of the food group witnessed a decline of 7.64% YoY to $2.03 billion during 1HFY21. While, imports of the food group into the country were recorded at $3.90 billion, up by 52% YoY in 1HFY21.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed around 17% of the total exports during 1HFY21.

On the exports side, Rice, Fruits and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $963 million, $223 million and $195 million respectively. In terms of percentage, the exports of Rice and Fish & Fish Preparations declined by 6.74% YoY and 13.32% YoY respectively while Fruits showed a meagre growth of 1.84% YoY during 1HFY21.

During the month of December 2020, the exports of food products saw an increase of 11.83% YoY and 21.44% MoM, to reach $494 million.

On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products surged by 19.56% YoY, which amounted to 27,267 metric tons, valued at $91 million during 1HFY21.

During the said period, Pakistan imported 1,629,769 metric tons of palm oil, worth a total of $1.11 billion. This marks an increase of 32% compared with the same period of the last fiscal year. A sharp increase was also seen in tea imports. It jumped by 25% YoY to stand at $285 million during 1HFY21 when compared to the same period of FY20.

In the month of December 2020, the imports of food group valued at $886 million i.e. around 85.55% YoY and 20.30% MoM higher against to the same period of last year and last month respectively.

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