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Soybean, palm oil import down

Soybean, palm oil import down

LAHORE: Import of edible oil in the country including soybean and palm oil witnessed decreasing trend during first four months of current financial year as compared to same period of last year.

According to the data provided by Pakistan Bureau of Statistics (PBS), during the period from July-October, 2013, the import of soybean oil decreased by 20.28 percent and reached 29,701 metric tons costing $31.488 million as compared to the import of soybean recorded 38,654 metric tons valuing $39.49 million in same period of last year.

Similarly, during the period under review, palm oil import decreased by 11.28 percent and reached 756,373 metric tons costing $615.130 million which was recorded at 662,130 metric tons worth $693.35 million in corresponding period of the last year.

However, the data revealed that on month on month basis, the import of soybean oil and palm oil increased by 128.22 percent and 43.16 percent respectively.

In the month of October, 2013, the country spent $5.2 million on import of 5,341 metric tons of soybean oil which was recorded at 2,698 metric tons of $2.2 million during same month of last year, it added.

Meanwhile, during last month palm oil import swelled by 43.16 percent and reached at 192,258 metric tons costing $153.677 million against the imports of 106,087metric tons worth $107.344 million of same period last year, the data revealed.

On the other hand, food group imports in country during first four months of current financial year decreased by 9.10 percent as compared to same period of last year.

From July-October, 2013, food group imports reached at $1.38 billion which was recorded at $1.51 billion in same period of last year, said the data of Pakistan Bureau of Statistics.

The other food commodities which witnessed negative growth in their imports during the period under review included spices at 11.09 percent and leguminous vegetables (pluses) at 33.40 percent.

However, during the period from July-October, tea import in the country increased by 2.01 percent. About 37,275 metric tons of tea was imported worth $87.60 million to fulfill the domestic requirements as against 36,838 metric tons valuing $81.19 million imported in same period of last year.