Soya bean, palm oil imports increase by 76.16% and 23.1 % respectively in first half of FY '18

Edible oil including soya bean and palm into the country during first half of current financial year registered an increase of 76.16 percent and 23.01 percent respectively as compared the exports of the corresponding period of last year.

During the period from July-December, 2017-18, soya bean imports into the country grew by 76.16 percent as about 114,234 metric tons of the soya bean valuing US$ 102.163 million imported as compared the imports of 38,766 metric tons costing US$ 57.993 million of same period last year.

According the data of Pakistan Bureau of Statistics 1,418,335 metric tons of palm oil worth of US$ 1.037 billion were imported in order to fulfill the domestic requirements as against the import of 1,211,847 metric tons valuing of US$ 843.300 million of same period last year.

The import of palm oil into the country witnessed an increase of 23.01 percent as compared the imports of the corresponding period of last year, the data added. Meanwhile, on month on month basis, the imports of edible oil into the country also registered increase as soya bean imports during the month of December, 2017 grew by 428.74 percent as compared the same month of last year.

During the period under review, 4,888 metric tons of soya bean valuing US$ 3.643 million imported as compared the imports of 921 metric tons costing US$ 689,000 of corresponding month of last year, it reveled.

However, imports of palm oil into the country during the month of December, 2017 decreased by 1.04 percent and it was recorded at 244,538 metric tons worth of US$ 173.356 million of same month last year, it added.

It may be recalled that food group imports into the country during last two quarters of current financial year grew by 13.10 percent as compared the same period of last year, whereas on month on month basis it was reduced by 0.25 percent in December, 2017 as compared the same moth of last year.