Food group: Exports up by 4% YoY, imports surge by 24% YoY in Feb’20

March 17, 2020 (MLN): The exports of the food group witnessed an increase of 4.09% YoY and 3.84% MoM to stand at $424 billion in the month of February 2020.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 19% of the total exports during 8MFY20 which clocked in at $3.03 billion, showing an increase of 5.48% YoY when compared to the same period last year.

On the other hand, in the month of February, imports of the food group into the country were recorded at $501 million i.e. around 24% YoY higher as compared to the same period of last year, similarly, 2.79% MoM higher when compared to the previous month.

The food group accounted for 11% of the total imports in 8MFY20 as per the data released by the Pakistan Bureau of Statistics, showing a decline of 8% YoY to clock in at $3.55 billion.

On the exports side, Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $1.39 billion and $278 million, depicting a growth of 11% and 12.35% YoY respectively during 8MFY20.

On the import side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products shrank by 27% YoY, amounted to 44,838 metric tons, valued at $115 million during 8MFY20.

During 8MFY20, Pakistan imported 2,012,131 metric tons of palm oil, worth a total of $1.18 billion. This marks a decline of 4.25% YoY compared with the same period of the last fiscal year.

A sharp decline was seen in tea imports. It dropped by around 18% YoY to stand at $324 million during 8MFY20 when compared to the same period of FY19.

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