Pakistanis consume tea valued at over $436 million in only eight months during the financial crisis
During the first eight months of the current fiscal year, Pakistan spent an enormous $436 million on tea imports, an increase of 10.13% over the same time the previous year.
According to figures from the Pakistan Bureau of Statistics (PBS), imports of tea during the July–February 2023–24 period were over 180,509 metric tonnes valued at $436.677 million, compared to 161,056 metric tonnes costing $395.489 million during the same period previous year.
The amount of tea imported into the nation increased by 38.53% on a monthly basis as 18,685 metric tons worth $45.269 million were consumed as opposed to 15,365 metric tonnes costing $32.678 million in the same month the previous year.
However, compared to the same time last year, the country’s imports of edible oil, comprising palm and soyabean oil, fell by 32.47% and 48.10%, respectively, during the period under consideration.
The amount of palm oil imported into the nation decreased from $2.681 billion to $1.810 billion during the same time last year, as over 1.959 million metric tonnes were imported as opposed to 1.115 million metric tonnes.
A negative rise of 48.10% was observed in the imports of soyabean oil, with 97,455 metric tons valued at $105.664 million, compared to the imports of 140,120 metric tonnes costing $203.578 million.
In contrast to the imports of 3,250 metric tonnes costing $4.192 million in the same month last year, 5,505 metric tonnes of the aforementioned commodity valued at $5.674 million were imported of palm oil, representing a 35.34% rise in imports on a month-to-month basis.
Compared to imports of 223,296 metric tons valued at $234.568 million during the same time previous year, approximately 224,074 metric tonnes of palm oil priced at $199.078 million were also imported in February 2024.
It is noteworthy to remark that the country’s exports of food groups increased by 54.05% during the first eight months of the current fiscal year as compared to the same time previous year.
Different food items were shipped for $4.969 billion between July and February of 2023–2024, compared to $3,225 billion over the same time the previous year.
In the meantime, compared to the same period last year, the country’s imports of food items fell by 18.33% over the first eight months of the current fiscal year.
During the study period, food commodity imports decreased from $6.687 billion to $5.461 billion.
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