Karachi September 16 2022: Pakistan Food imports hit all time high of USD 1,020 million during the month of August 2022, according to data published by Pakistan Bureau of Statistics.
This is the first time that imports related to food item surpassed USD 1 billion threshold in country's history even before the impact of the devastating floods factored in.
Country imported total Food items of worth USD 1,020 million which is 23.52 percent higher when compared with the same period of last year. Food Group imports are also 33.7 percent higher when compared with imports of USD 763 million in the previous month.
Pakistan food related imports are expected to jump as government remove duties from import of all kind of vegetables due to shortages in local market after the devastating floods.
Pakistan taxation authority, Federal Board of Revenue (FBR), at start of this month issued two more SROs to provide exemption from taxes/duties on Import of Onion and Tomatoes to Stabilize Commodity prices escalating due to Floods.
Recent floods have brought unprecedented crop damage,said a press release issued here. As a result, the prices of onion and tomatoes have sky-rocketed in the local markets.
In order to alleviate the sufferings of the people due to abnormal price hike, the Prime Minister of Pakistan ordered urgent relief measures to ensure an uninterrupted supply of onion and tomato in the local markets. Elimination of all taxes and duties in procuring the two vegetables by import will help reduce their prices.
Pakistan imported 410 thousand tons of wheat worth USD 203 million which is 12 times higher when compared with the imports of USD 16 million in the same month last year and 90 percent higher when compared with the previous month.
Soyabean Oil imports increased 6 times to USD 27 million in August 2022 when compared with imports of USD 4.5 million in August 2021.
Country imported 267 thousand tons of Palm Oil worth USD 416 million during the month of August 2022 when compared with imports of 289 thousand tons worth USD 323 million same period last year. The quantity imported decreased 7 percent while imported value increased by 29.08 percent due to higher prices of palm oil in the international prices.