Food imports into Pakistan fall 9% year-over-year to US$2.37B in first seven month of current fiscal year ending in June, according to government statistics

ISLAMABAD , February 24, 2014 () – Food imports into the country decreased by 8.95 percent during the first seven months of the current fiscal year as compared to the corresponding period of las year. The food imports into the country during July-January (2013-14) were recorded at $2.374 billion against the imports of $2.608 billion during July-January (2012-13), according to the latest figures of Pakistan Bureau of Statistics (PBS). The food commodities that contributed in the negative trade of food products included tea, imports of which decrease by 26.63 percent by falling from $221.688 million last year to $162.642 million during the current year. The imports of soyabean oil also decreased from $46.681 million to $35.421 million, showing decline of 24.12 percent while the imports of palm oil decreased from 1,210.203 million to $1,085.415 million, showing negative growth of 10.31 percent, the data revealed. Similarly the imports of pulses (leguminous vegetables) decreased by 20.97 percent by falling from $207.814 million last year to $164.239 million this year. On the other hand, the food commodities that witnessed upward trend in trade included milk, cream and milk food for infants, imports of which increased by 3.56 percent by going up from $83.763 million last year to $86.749 million this year. The imports of wheat unmilled witnessed cent percent increase as its imports were recorded at $107.234 million this year against the zero imports of last year while the imports of dry fruits and nuts increased by 9.34 percent by expanding from $47.437 million to $51.867 million. Imports of spices increased from $40.552 million to $43.556 million, an increase of 7.41 percent while the imorts of sugar increased from $2.888 million to $3.546 million, an increase of 22.78 percent. According to the PBS data, the imports of all other food items decreased by 15.15 percent by falling from $747.230 million last year to $634.059 million. Meanwhile, the food imports on year-on-year basis decreased by 18.54 percent from $445.693 million in January 2013 to $363.076 million in January 2014. However, on month-on-month basis, the food imports increased by 19.10 percent in January 2014 when compared to the imports of $300.325 million in December 2013, the PBS data revealed. It is pertinent to mention here that the country's overall trade deficit narrowed by 4.55 percent during first seven months of current fiscal year as exports expanded by 4.64 percent while imports going slightly up by 0.48 percent as compared to the same period of last year. The exports from the country during July-January (2013-14) were recorded at $14.699 billion against the exports of $14.047 billion recorded during July-January 2012-13. On the other hand, the imports into the country during the period under review were recorded at $25.808 billion against the imports of $25.685 billion during the corresponding period of last year. Based on the figures, the trade deficit during July-January (2013-14) was recorded at $11.109 billion against the deficit of $11.638 billion in July-January (2012-13), showing negative growth of 4.55 percent Published by HT Syndication with permission from Right Vision News. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

(c) 2014 Right Vision News

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.