The country imported food products worth 1,200 billion rupees between July and May of the current fiscal year, up 24% from the previous year.
According to the Pakistan Bureau of Statistics (PBS), wheat worth Rs 157.78 billion was imported during this period.
Between July and May, 3.612 million metric tonnes of wheat were brought into the country. About 21 billion tons of sugar as well as tea worth Rs86 billion were imported.
According to the document, various legumes worth Rs99 billion, palm oil worth Rs382 billion, spices worth Rs32 billion, dried fruits worth Rs12 billion and milk, cream and other products worth Rs28 billion were also imported.
According to PBS data, the country’s overall imports topped $ 50 billion in 11 months of the outgoing fiscal year – the second time in three years, posing a new challenge for the government as export growth remains less than half the rate of increase. in imports.
Lily Food security should improve
The trade deficit widened to $ 27.5 billion and exceeded the annual target of $ 8 billion in the 11-month period of the current fiscal year.
For the current fiscal year, the government set the trade deficit target at $ 19.7 billion, which was exceeded in just 10 months.
The deficit is $ 6.4 billion or 30.6% higher than the same period of the previous year.
By the end of the PML-N government, Pakistani imports had reached $ 60.8 billion, resulting in the highest-ever trade deficit of $ 37.7 billion in fiscal year 2017-18.
This is the first time the PTI government faces an import bill of more than $ 50 billion, which could exceed $ 55 billion once full-year trade figures become available .
However, the silver lining for the ruling party is foreign remittances which are expected to reach $ 29 billion in this fiscal year, which will help it avoid 2018 as a current account deficit situation.