Food imports boosted by 0.68% during FY18

KARACHI: Food imports of Pakistan has increased by 0.68% which values around $6.185 billion in FY18, results in pressure on agricultural segment.

According to data revealed by Pakistan Bureau of Statistics on Friday, it is observed that Pakistan food imports has amplified by 0.68% from $6.143 billion during FY17.

However, it is suggested that Pakistan shall mainly spotlight on the crops and items that can be grown inside the country, in order to restore imports.

Various items such as edible oil imports are of $2 billion, palm oil exports have increased to 7.1% on annual basis making it to $2.04 billion during FY18. Soybean imports amplified to 11% which values $136 million and the country’s cotton imports gushed to 33% worth $1.1 billion during FY18 latest analysis.

The government is trying to take steps for restricting imports in order to slow down the import demand of imported goods but unfortunately this is mainly resulting in smuggling of items.

It is also observed that public who can afford luxuries and hold purchasing power are still investing on buying imported items, even if it’s expensive.

According to data revealed by PBS, oil imports are mounted to 32.1% valued $14.4 billion in the ending of FY18 because of the augmented global prices of petroleum products, resulting in the boost of import bill.

However, machinery imports turned down by 1.6% of value $11.569 billion in the wrapping up of FY18 as Chinese based infrastructure projects are almost at their mellowness.