Food group: Exports down by 23% MoM, imports dip by 19% MoM in March’20

March 20, 2020 (MLN): The exports of the food group witnessed a decrease of 14.65% YoY and 23% MoM to stand at $362 billion in the month of March 2020. While the imports of the food group into the country were recorded at $406 million i.e. around 3.58% YoY higher as compared to the same period of last year whereas 19% MoM lower when compared to the previous month.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 19.46% of the total exports during 9MFY20 which clocked in at $3.39 billion, showing an increase of 1.43% YoY when compared to the same period last year.

The food group accounted for 11.38% of the total imports during Jul-March FY20 as per the data released by the Pakistan Bureau of Statistics, showing a decline of 7% YoY to clock in at $3.96 billion.

On the export side, Rice and Fish & Fish Preparations and fruits were the major sources of Foreign exchange earnings as their exports valued at $1.59 billion, $317 million and $379 million, depicting a growth of 7.13%, 8% YoY and 2.8% YoY respectively during 9MFY20 where the major growth of foreign earnings was recorded in Basmati rice, up by 33% YoY.

On the import side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products shrank by 32% YoY, amounted to 49,802 metric tons, valued at $125 million during 9MFY20.

During 9MFY20, Pakistan imported 2,276,994 metric tons of palm oil, worth a total of $1.38 billion, depicting a meagre decline of 0.42% YoY when compared with the same period of last fiscal year.

A sharp decline was seen in tea imports. It dropped by around 15% YoY to stand at $376 million during 9MFY20 when compared to the same period of FY19.

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Posted on: 2020-04-20T14:09:00+05:00