Import bill of food items expands by 53.26% YoY during June’21

July 24, 2021 (MLN): The trade value of food exports from the country in June’21 stood at around $433.6million, depicting a notable increase of 41.83% YoY from $305.66mn in June’20.

On a sequential basis, the group witnessed a remarkable surge in exports by 78.68% compared to the same period last year.  

The overall contribution of this group remained 17.36% of the total exports during FY21 which stood at $4.4billion, up by nearly 1% YoY when compared to FY20, as per the latest data revealed by the Pakistan Bureau of Statistics (PBS).

Commodity-wise, rice remained to be the major source of foreign exchange earnings in June’21 as its exports valued at $185.14mn, surged by 22.60% YoY. Likewise, on MoM basis, the export value of the same commodity jumped by 74.39%.

The export of fish & fish preparations stood at $31mn, depicting a decline of 7% YoY. However, on monthly basis, the export of the same product dipped by 1.08%. 

Meanwhile, the export volume of meat and meat preparations stood at $27.69mn, witnessed a growth of 6.43 YoY while the same has observed an increase of 4.7% on monthly basis.

Similarly, the export volume of vegetables expanded by around 72% YoY. Similarly, on MoM basis, the same commodity witnessed a notable surge of 30.56% to stand at $24.22mn. Likewise, total fruits’ exports climbed up by 6.8x MoM, while on the yearly basis, the export volume of fruits soared by 2.2x compared to the same period last year.

On the import side, the total import bill of the food group amounted to $797.8mn during June’21, marking an increase of 53.26% on a YoY basis against the same period of last year due to increased demand after the lockdown situation amid Covid-19 pandemic.

Collectively, the group accounted for almost 15% of the total imports during FY21 as per the data released by PBS, up by 54% YoY to clock in at $8.35bn.

During the month of June’21, the data further revealed that imports of Palm Oil valued at $271.3mn, showcasing an increase of 6.34% MoM. While on yearly basis, the import bill of the same commodity jumped by 98.6%.  

Moreover, the import bill of milk and dairy products positioned at $15.8mn, during the said period, up by 3.47% YoY. However, on monthly basis, the import of same product witnessed a dip by 4.10%.

Likewise, the import of tea also fell by 11.22% MoM. Similarly, the import bill of tea witnessed a sharp cut of 27% to stand at $445.53mn.

It is pertinent to mention that during the month, import of wheat remained zero in the presence of a sufficient amount of locally available wheat.

Copyright Mettis Link News

Posted on: 2021-07-24T13:34:00+05:00

42373