Soyabean oil valuing $46.82m, palm oil worth $552.40m imported in 2 months

ISLAMABAD - Im­port of soyabean oil into the country during the first two months of the current financial year increased by 8.77 percent as compared to the imports of the corre­sponding period of last year. During the period from July-August, about 41,825 metric tons of soybeans valued at $46.820 million were im­ported as compared to the imports of 37,314 metric tons costing $43.043 million in the same period last year, according to the data of the Pakistan Bureau of Statistics (PBS). However, the import of palm oil into the country during the last two months of the current financial year reduced by 22.88 percent as 572,004 metric tons of palm oil worth $552.403 million was imported as compared to the imports of 460,494 met­ric tons valued at $716.298 million of the same period of last year. On a month-on-month basis, the imports of the above-mentioned com­modities including soybeans grew by 17 percent, whereas palm oil into the country de­creased by 134.43 percent, it added. In August 2023, over 29,250 metric tons of soya­bean oil valued at $31.865 million was imported as compared to the imports of 26,314 metric tons val­ued at $ 27.2343 million in the same month last year in order to fulfill the local re­quirements of edible oil and vegetable ghee. Meanwhile, 294,203 metric tons of palm oil valued at $273.464 mil­lion was imported as com­pared to the imports of 266,373 metric tons cost­ing $416.939 million in the same month of last year. The import of palm oil during the month of August 2023 decreased by 34.41 percent as compared to the imports of the same month of last year, it added. It may be re­called here that food group exports during the first two months of the current finan­cial year decreased by 1.65 percent as food commodities valued at $711.748 million were exported as compared to the exports of $723.696 million of the same period of last year. On the other hand, food group imports into the country during the first two months of the current finan­cial year decreased by 26.91 percent as compared to the imports of the corresponding period of last year. During the period from July-August, 2023 food imports into the country came down from $1.783 bil­lion to $1.303 billion.