Palm oil imports decline by 25.36 percent to $2.5 bln

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ISLAMABAD, Jun 27 (APP):The imports of palm oil into the country declined by 25.36 percent during the first eleven months of the current fiscal year compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. 

Pakistan imported palm oil worth $2,531.531 million during July-May (2023-24) against the exports of $3,391.488 million during July-May (2022-23), according to PBS data.

In terms of quantity, the palm oil imports decreased by 3.52 percent by going down from 2,839,098 metric tons to 2,739,137 metric tons.

The soyabean oil imports during the period also decreased by 56.75 percent by falling from $ 282.201 million last year to $122.052 million during the ongoing fiscal year.

It is pertinent to mention here that the trade deficit contracted by 15.25 per cent during the first 11 months of the current financial year (2023-24) as compared to the corresponding period of the last year.

During the period from July-May 2023-24, exports grew by 10.65 per cent as these were recorded at $28.070 billion as compared to the exports of $25.368 billion during the same period of the last year.

The imports into the country during the period under review decreased by 2.37 per cent to $49.802 billion as against the imports of $51.010 billion in the same period of last year.