Edible oil imports reduces 33.08 %in four months

F.P. Report

ISLAMABAD: Imports of edible oil including soybean and palm into the country during the first four months of the current financial year decreased by 33.08 per cent and 31.45 per cent respectively as compared to the imports of the corresponding period of last year.

During the period from July-October, 2023 about 86,335 metric tons of soya bean oil valued at $74.766 million were imported as compared to the imports of 77,905 metric tons costing $111.732 million of the same period last year, according to the data of Pakistan Bureau of Statistics.

During the period under review, over 1.016 million tons of palm oil valued at 964.292 million were imported as compared to the imports of 948,457 metric tons costing $1.406 billion in the same period of last year, it added.

On month on month basis, the import of soya bean oil into the country reduced by 49.49 per cent in October 2023 as about 16,510 metric tons of the above-mentioned commodity were imported as against the imports of 20,959 metric tons worth $33.987 million.

The import of palm oil into the country during the month under review also went down by 24.04 per cent as 222,577 metric tons of palm oil costing $205.718 million as compared to the imports of 187,033 metric tons valuing $270.873 million of the same period last year.

Meanwhile, the local production of vegetable ghee increased by 29.73 per cent and cooking oil grew by 2.19 per cent in the first-three months of the current financial year.

Over 366,848 metric tons of vegetable ghee were locally manufactured during the period from July-September, 2023 as compared to the production of 119,393 metric tons of the same period of last year.

The local output of cooking oil was recorded at 154,889 metric tons during the period under review as against the production of 119,393 metric tons of the same month of last year.(APP)