Pakistan spends over $436m on tea imports in 8 months amid economic challenges

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APP
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A vendor making tea for customers in a local hotel at Islamabad’s Aabpara Market. — APP
A vendor making tea for customers in a local hotel at Islamabad’s Aabpara Market. — APP

ISLAMABAD: Amid severe economic crisis, tea imports into the country during first 8 months of current financial year grew by 10.13% as compared to the total value of the corresponding period of last year.

During the period from July-February 2023-24 about 180,509 metric tonnes of tea valued at $436.677 million were imported as against the imports of 161,056 metric tonnes costing $395.489 million of the same period of last year, according to the data of the Pakistan Bureau of Statistics (PBS).

On monthly basis, the tea imports into the country grew by 38.53% as 18,685 metric tonnes of tea valued at $45.269 million was consumed as compared to the consumption of 15,365 metric tonnes costing $32.678 million in the same month of the last year.

However, the imports of edible oil including soyabean and palm into the country during the period under review decreased by 48.10% and 32.47% respectively as compared to the imports of the same period of the last year.

Palm oil imports into the country went down from $2.681 billion to $1.810 billion as over 1.959 million metric tonnes of palm oil were imported as compared to the imports of 1.115 million metric tonnes of the same period last year.

Meanwhile, about 97,455 metric tons of soyabean oil valued at $105.664 million were imported as compared to the imports of 140,120 metric tonnes costing $203.578 million, showing negative growth of 48.10%.

However, on the month on month basis, the imports of soyabean oil increased by 35.34%, and palm oil 5,505 metric tonnes of above above-mentioned commodity valued at $5.674 million were imported as compared to the imports of 3,250 metric tonnes costing $4.192 million of the same month of last year.

In February 2024 over 224,074 metric tonnes of palm oil valued at $199.078 million were also imported as against the imports of 223,296 metric tonnes valuing $234.568 million in the same period of last year.

It is worth mentioning here that the food group exports from the country during the first eight months of the current financial year grew by 54.05% as compared to the exports of the corresponding period of last year.

During the period from July-February, 2023-24, different food commodities worth $4.969 billion were exported as compared to the exports of 3.225 billion in the same period of the previous year.

Meanwhile, the imports of food commodities into the country during the first eight months of the current financial year decreased by 18.33% as against the imports of the corresponding period of last year.

The imports of food commodities during the period under review came down from $6.687 billion to $5.461 billion.