Food group: exports jump by 5.7% YoY, imports down by 12% YoY in 7MFY20

February 19, 2020 (MLN): The exports of food group witnessed a decrease of 13.51% YoY and 3.56 % MoM to stand at $409 billion in month of January 2020.

According to the latest data issued by Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 19% of the total exports during 7MFY20 which clocked in at $2.60 billion, showing an increase of 5.71% YoY when compared to the same period last year.

On the other hand, imports of the food group into the country were recorded at $488 million i.e. around 2% YoY lower as compared to the same period of last year, whereas 2.21% MoM higher when compared to the previous month.

The food group accounted 11% of the total imports in 7MFY20 as per the data released by Pakistan Bureau of Statistics, showing a decline of 12% YoY to clock in at $3.05 billion.

On the exports side, Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $1.21 billion and $253 million, depicting a growth of 15% and 16.52% YoY respectively during 7MFY20.

On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products shrank by 29.2% YoY, amounted to 37,958 metric tons, valued at $97 million during 7MFY20.

During 7MFY20, Pakistan imported 1,760,658 metric tons of palm oil, worth a total of $1 billion. This marks a decline of 9% YoY compared with same period of last fiscal year.

A sharp decline was seen in tea imports. It dropped by 20.78% YoY to stand at $275 million during 7MFY20 when compared to the same period of FY19.

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