Amid Pakistan's ongoing economic challenges, the nation has witnessed a staggering surge in tea imports, reaching a monumental value of over $436 million in just eight months.
According to data released by the Pakistan Bureau of Statistics (PBS), the period from July to February 2023-24 saw the importation of approximately 180,509 metric tons of tea, marking a notable increase of 10.13% compared to the same period in the previous fiscal year.
The burgeoning demand for tea is reflected in the monthly statistics, with imports soaring by a substantial 38.53%. In February alone, Pakistan imported 18,685 metric tons of tea valued at $45.269 million, showcasing a significant rise from the previous year's figures.
Meanwhile, the nation experienced a contrasting trend in the importation of edible oils, including soybean and palm oil, with a notable decline of 48.10% and 32.47% respectively during the same period. Palm oil imports plummeted from $2.681 billion to $1.810 billion, while soybean oil imports witnessed a negative growth of 48.10%.
Despite the downturn in edible oil imports, Pakistan's food group exports demonstrated resilience, recording a remarkable growth of 54.05% during the first eight months of the current financial year. The export of various food commodities surged to $4.969 billion, signifying a substantial increase from the previous year's exports of $3.225 billion.
In contrast, the importation of food commodities into the country experienced a decline of 18.33%, dropping from $6.687 billion to $5.461 billion during the same period.
