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Pakistan’s Tea Imports Surpass $436 Million in 8 Months Amid Economic Struggles

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

About 180,509 metric tonnes of tea worth $436.677 million were imported during July-February 2023-24 as against imports of 161,056 metric tonnes costing $395.489 million in the corresponding period of the previous year, according to Pakistan Bureau data. Statistics (PBS).

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On a monthly basis, the country’s tea imports increased by 38.53% as 18,685 metric tons of tea valued at $45.269 million were consumed compared to consumption of 15,365 metric tons that cost $32.678 million in the same month last year.

However, imports of edible oils including soybean and palm into the country during the period under review decreased by 48.10% and 32.47% respectively compared to the imports of the corresponding period of the previous year.

The country’s palm oil imports fell from $2.681 billion to $1.810 billion as over 1.959 million metric tons of palm oil were imported compared to imports of 1.115 million metric tons in the same period last year.

Meanwhile, about 97,455 metric tons of soybean oil worth $105.664 million were imported against imports of 140,120 metric tons costing $203.578 million, showing a negative growth of 48.10%.

However, on a monthly basis, soybean oil imports increased by 35.34%, and palm oil 5,505 metric tons of the aforementioned commodity worth $5.674 million were imported compared to imports of 3,250 metric tons at a cost of $4.192 million in the same month last year.

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In February 2024, more than 224,074 metric tons of palm oil worth $199.078 million were also imported against imports of 223,296 metric tons worth $234.568 million in the same period last year.

It is worth noting here that the exports of the food group from the country during the first eight months of the current fiscal year increased by 54.05% compared to the exports of the corresponding period last year.

During July-February 2023-24, miscellaneous food items worth $4.969 billion were exported compared to exports of $3.225 billion in the same period last year.

Meanwhile, the country’s food imports in the first eight months of the current financial year fell by 18.33% compared to imports in the corresponding period last year.

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Food imports during the period under review decreased from $6.687 billion to $5.461 billion.

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