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Food group: Exports up by 15% YoY, imports surge by 82% YoY in July’20

August 18, 2020 (MLN): The trade volume of food exports from the country in July stood at $318 million, showing an increase of 4.04% MoM. However, foreign exchange earnings from the food group decreased by 15.53% YoY against the food exports recorded in July’19.

According to the latest data issued by the Pakistan Bureau of Statistics, the imports of the food group into the country were recorded at $529 million i.e. around 82.12% YoY and 1.68% MoM higher as compared to the same period of last year and last month respectively.

On the exports side, Rice and fruits were the major sources of Foreign exchange earnings as their exports valued at $148 million and $41 million, depicting a meagre decline of 1.49% MoM during July where the major growth of foreign earnings was recorded in Basmati rice, up by 20.98% MoM. However, Fish & Fish Preparations, one of the main export food commodities, witnessed a significant decline of 19% to $27 million during Jul’20.

On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products surged by 30.30% MoM, amounted to 3,985 metric tons, valued at $15 million during Jul’20.

One of the major imported food commodities is Palm Oil which recorded a growth of 51% MoM, valued at $205 million during Jul’20. while a sharp decline was seen in tea imports as it dropped by around 36% MoM to stand at $38 million during the said period when compared to the previous month.

Copyright Mettis Link News

Posted on: 2020-08-18T16:24:00+05:00


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