In the face of a challenging economic climate, Pakistan has witnessed a notable increase in tea imports over the first eight months of the current financial year, according to data from the Pakistan Bureau of Statistics (PBS).
From July to February 2023-24, tea imports surged by 10.13%, with approximately 180,509 metric tonnes of tea worth $436.677 million brought into the country. This marks a significant rise compared to the same period last year, where 161,056 metric tonnes valued at $395.489 million were imported.
Breaking down the figures further, monthly tea imports experienced a substantial uptick, growing by 38.53%. In the same month of the previous year, 18,685 metric tonnes of tea worth $45.269 million were imported, compared to 15,365 metric tonnes costing $32.678 million.
However, the story is different for edible oil imports. During the same period, imports of soyabean and palm oil plummeted by 48.10% and 32.47% respectively compared to the previous year.
Palm oil imports saw a significant decrease from $2.681 billion to $1.810 billion, with over 1.959 million metric tonnes imported versus 1.115 million metric tonnes in the same period last year.
Similarly, imports of soyabean oil dropped to 97,455 metric tonnes valued at $105.664 million from 140,120 metric tonnes costing $203.578 million, reflecting a negative growth of 48.10%.
On a monthly basis, soyabean oil imports saw a rise of 35.34%, while palm oil imports increased marginally. In February 2024, 5,505 metric tonnes of soyabean oil worth $5.674 million were imported, compared to 3,250 metric tonnes costing $4.192 million in the same period of the previous year.
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