Food import bill up by 15% YoY in Oct’20 due to wheat scarcity

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

Posted on: 2020-11-19T13:39:00+05:00

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