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Palm oil import increases by 46.74%

The palm oil import surged by 46.74 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The palm oil import during July-March (2021-22) was recorded at $2,730.668 million against the imports of $1,860.934 million in July-March (2020-21), according to PBS data. On the other hand, the soyabean import also went up by 113.73 percent to $103.283 million as compared to the import of $48.325 million during last fiscal year.

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On year on year basis, the palm oil import witnessed an increase of 5.43 percent during March 2022 as compared to the same month of last year. The palm oil import during March 2022 was recorded at $290.524 million against the import of $275.549 million in March 2021), according to PBS data. The soyabean import during the month under review also increased by 100% to $11.750 million as compared to the zero import of the same month of last year.

Meanwhile, on month on month basis, the palm oil import declined by 6.21 percent in March 2022 as compared to the import of $309.766 million in February 2022. The import of soyabean, however went up by 27.7 percent in March 2022 as compared to the imports of $16.772 in February 2022. The overall food imports increased by 15.46 percent from $6,121,358 million last year to $7,067,740 million during the current fiscal year. Meanwhile, on year-on-year basis, the tea import increased by 13.36 percent during the month of March 2022 as compared to the same month of last year. The tea import during March 2022 were recorded at $63.234 million against the import of $55.782 million in February 2021. On month-on-month basis, the tea import however declined by 8.73 percent in March 2022 as compared to the imports of $69.279 million in February 2022, the data revealed.

It is pertinent to mention here that the country’s overall merchandize imports during the first three quarters of the current fiscal year went up by 48.63 percent by growing from $39.489 billion last year to $58.691 billion in July-March (2021-22). The exports also increased by 24.67 percent and were recorded at $23.298 billion this year against $18.687 billion last year, according to PBS data. On year-on-year basis, the exports of the country increased by 15.91 percent during March 2022 as compared to the exports of same month of last year.

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The exports during March 2022 were recorded at $2.740 billion against the exports of $2.364 billion in March 2021, the data revealed. STAFF REPORT

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