HomeBusinessPakistan's food import reach $9 billion

Pakistan’s food import reach $9 billion

In the fiscal year 2021–2022, Pakistan’s annual food import bill reached $9 billion, an all-time high.

As palm oil’s costs rose on the global market, at least $3.54 billion was spent importing it.

In the fiscal year that ended on June 30, according to data provided by the Pakistan Bureau of Statistics (PBS), Pakistan’s food imports rose by $668 million, or 8%.

Compared to $8.348 billion, or Rs1.331 billion, in the fiscal year 2020–21, the nation spent a total of $9 billion, or Rs1,592 billion, on the import of food.

In terms of US dollars, palm oil imports increased significantly from $2.668 billion in FY21 to $3.549 billion in FY22, an increase of $881 million, or 33 percent. However, Pakistan’s imports of palm oil decreased in size by 395 metric tonnes (MT), from 3,197,748 MT in FY21 to 2,802,019 MT in FY22.

Pakistan imported tea for $626 million as opposed to $580 million in the previous fiscal year. The import of tea decreased from 258,490MT to 251,151MT in terms of volume.

Sugar and soybean oil presented a slightly different situation. The amount and value of their imports rose in US dollars. In contrast to the $95 million it spent on the import of 116,638 MT of soyabean oil, Pakistan spent $197 million on importing 143,530 MT.

In FY22, the nation imported 312,393MT of sugar for $191.7 million as opposed to 281,328MT for $128.6 million in FY21.

Both the volume and US dollar value of imports for all other food group products decreased.

Despite being an agricultural nation, imports of sugar and pulses combined to deplete the country’s foreign exchange reserves by $191 and $611 million, respectively.

Less imported milk, cream, infant formula, wheat, dry fruit, and other food items were consumed in Pakistan.

The rise in international commodity prices is what led to the increase in the cost of food imports.

Major economies, including the US, have experienced problems with the phenomenon and its associated runaway inflation.

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