Food import bill up by 15% YoY in Oct’20 due to wheat scarcity
MG News | November 19, 2020 at 01:39 PM GMT+05:00
November 19, 2020 (MLN): The imports of the food group into the country were recorded at $559 million in October’20 i.e. around 15.14% YoY higher as compared to the same period of last year, on the back of a 100 percent increase in wheat imports.
However, the import bill of the food group plunged by 23.5% MoM against the food imports of $731 million recorded in September’20.
According to the latest data issued by the Pakistan Bureau of Statistics, the trade volume of food exports from the country in October stood at $325 million, showing an increase of 19.43% MoM, suggesting a recovery of export destination countries from COVID-19. Whereas, foreign exchange earnings from the food group decreased by 13.42% YoY.
According to the latest data issued by the Pakistan Bureau of Statistics, the imports of the food group into the country were recorded at $559 million i.e. around 23.5% MoM lower and 15.14% YoY higher as compared to the same period of last year and last month respectively.
The food group contributed 15% of the total exports during July-Oct FY21 which clocked in at $1.13 billion, showing a decrease of 16.77% YoY when compared to the same period last year. While the group accounted for almost 15% of the total imports during 4MFY21 as per the data released by the Pakistan Bureau of Statistics, up by 43.5% YoY to clock in at $2.272 billion.
On the exports side, Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $139 million and $43 million, depicting a 24.21% and 16%, MoM, increase respectively during October where the major growth of foreign earnings was recorded in Basmati rice, up by 37% MoM. The other export food commodities, Meat and Meat Preparations and Fruits also witnessed a significant upsurge of 16% and 13%, MoM, during Oct’20.
On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of Wheat Unmilled surged by 21.6% MoM while 100% YoY in Oct'20. One of the major imported food commodities is Palm Oil recorded a decline of nearly 64% MoM and 43% YoY, standing at $82 million during Oct’20.
While a 16.5% MoM increase was seen in milk and dairy products imports, amounting to 4,651 metric tons, valued at $17 million during Oct’20.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,597.36 256.32M | -0.05% -68.14 |
ALLSHR | 85,286.16 608.38M | -0.48% -413.35 |
KSE30 | 42,340.81 77.13M | -0.03% -12.33 |
KMI30 | 193,554.51 76.19M | -0.83% -1627.52 |
KMIALLSHR | 55,946.05 305.11M | -0.79% -443.10 |
BKTi | 38,197.97 16.53M | -0.59% -225.01 |
OGTi | 27,457.35 6.73M | -0.94% -260.91 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 117,670.00 | 121,165.00 117,035.00 | -1620.00 -1.36% |
BRENT CRUDE | 69.23 | 70.77 69.14 | -0.29 -0.42% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 66.03 | 67.54 65.93 | -0.20 -0.30% |
SUGAR #11 WORLD | 16.79 | 17.02 16.71 | 0.05 0.30% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|