The overall import bill of Pakistan during the initial 10 months of the fiscal year was $65.53 billion, which is a 46.51 percent increase over the $44.73 billion recorded in the same period in the previous year.
The main contributing factors to the high total import amount for food items and oil is the biggest contributor to the bill. The data provided by the Pakistan Bureau of Statistics (PBS) indicated that the bill for imports of food and oil jumped to $24.77 billion over the period between July and April. This represents a 58.98 percent increase over $15.58 billion that was incurred in the same timeframe the previous year.
To compensate for the deficiency of food items, Pakistan’s imports of food increased by over 12.30 percent to $7.74 billion during the first 10-months of the fiscal year, as compared with the $6.89 billion spent in the same time last year.
Sugar, wheat edible oil, tea, spices, and pulses all contributed significantly to the food sector and imports of edible oil grew substantially in volume and value. Because of the increasing prices in the world, the value of the import bill grew by 44.64 percent in the initial one-tenth of the fiscal year, to $3.09 billion in comparison to $2.14 billion in the same period in the previous year. As a result, the prices domestically for vegetable ghee as well as cooking oil have increased.
Soybean oil imports rose in value by 101.96 percent in total value as well as 9.30 percent in terms of quantity during the first 10 months of FY22 when contrasted to the previous year. However, imports of wheat decreased by 19.12 percent to 2.206 million tonnes in the 10 first months of FY22, down from 3.61 million tonnes during the same time frame last year. In addition, the import of wheat was not as high in April.
Imports of sugar rose by 49.52 percent during the time that was under review, reaching 311,851 tonnes up from 280.377 tons in the same time frame the previous year. Furthermore, imports of tea, beans, and spices grew rapidly during this time.
Pakistan has spent more than $8 billion on food imports during the last fiscal year, The government has become worried over the rising imports of food and the consequent trade deficit. It has decided to buy 0.6 million of tonnes sugar and 4 million tonnes of grain to build strategic reserves, and the price of imports is expected to grow in the next few months.