Food imports down 24pc, exports up 14pc in Q1 FY20

[Shahzaz ud din]

Food imports down 24pc, exports up 14pc in Q1 FY20
By
News Desk
-
October 18, 2019
0
362

Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year.

The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS).

As per details, food commodities that recorded a decrease in their imports included milk, cream & milk food for infants (-41.8pc), tea (-31pc), palm oil (-25.38pc), sugar (-18pc) and pulses (-22.3pc).

Meanwhile, the commodities that recorded an increase in their exports included basmati rice (+47.29pc), fruits (+10.2pc), vegetables (+21pc) and tobacco (+269.6pc) respectively.

On the other hand, the commodities that witnessed a decline in their exports included wheat (-88pc), spices (-2.7pc), oilseeds, nuts and kernels (-13.5pc) and sugar (-22.9pc).

On a month-on-month basis, food imports into the country reduced by 1.74pc in Sept 2019 as compared to Aug 2019, whereas it dropped by 21pc when compared with Sept 2018.

Similarly, the food exports during Sept 2019 surged by 21pc to $275 million compared with Aug 2019 and 13pc to $294.9 million as against Sept 2018.

 

[Shahzaz ud din]

 

[denel]

Food imports down 24pc, exports up 14pc in Q1 FY20
By
News Desk
-
October 18, 2019
0
362

Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year.

The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS).

As per details, food commodities that recorded a decrease in their imports included milk, cream & milk food for infants (-41.8pc), tea (-31pc), palm oil (-25.38pc), sugar (-18pc) and pulses (-22.3pc).

Meanwhile, the commodities that recorded an increase in their exports included basmati rice (+47.29pc), fruits (+10.2pc), vegetables (+21pc) and tobacco (+269.6pc) respectively.

On the other hand, the commodities that witnessed a decline in their exports included wheat (-88pc), spices (-2.7pc), oilseeds, nuts and kernels (-13.5pc) and sugar (-22.9pc).

On a month-on-month basis, food imports into the country reduced by 1.74pc in Sept 2019 as compared to Aug 2019, whereas it dropped by 21pc when compared with Sept 2018.

Similarly, the food exports during Sept 2019 surged by 21pc to $275 million compared with Aug 2019 and 13pc to $294.9 million as against Sept 2018.

My question - why are you importing milk and cream for infants? Is there no industrial scale dairy production to support such local industries. Palm oil? why? are there no local substitutes? Pak should be a net food exporter not importer.

 

[Rafi]

My question - why are you importing milk and cream for infants? Is there no industrial scale dairy production to support such local industries. Palm oil? why? are there no local substitutes? Pak should be a net food exporter not importer.

We have everything except sound policies, now that is in order, we are starting to see the benefits.

 

[waz]

My question - why are you importing milk and cream for infants? Is there no industrial scale dairy production to support such local industries. Palm oil? why? are there no local substitutes? Pak should be a net food exporter not importer.

Amen bro, amen. These questions need to asked every day.

We have everything except sound policies, now that is in order, we are starting to see the benefits.

Hopefully bro. Food and milk can be a bigger earner for Pakistan.

 

[denel]

Amen bro, amen. These questions need to asked every day.



Hopefully bro. Food and milk can be a bigger earner for Pakistan.

Agreed my dearest friend. It pains me to see how much potential there is in agriculture and yet follies.
If I was ever to relocate, i would plan to setup a big dairy herd at a very large scale. Just that alone - cheese, milk, etc etc. it is a mind blowing enterprise.

 

[Rafi]

Agreed my dearest friend. It pains me to see how much potential there is in agriculture and yet follies.
If I was ever to relocate, i would plan to setup a big dairy herd at a very large scale. Just that alone - cheese, milk, etc etc. it is a mind blowing enterprise.

You would be most welcome broer.

 

[Nilgiri]

My question - why are you importing milk and cream for infants? Is there no industrial scale dairy production to support such local industries. Palm oil? why? are there no local substitutes? Pak should be a net food exporter not importer.

When something obvious is not being done a long time (and still not being done, no matter number of times its being raised yesterday, today and tomorrow), it can mean only one thing.....powerful people (import cartels, oligarchs and their higher up contacts) want it that way due to gravy train trough directed their way in the "status quo"....and simply put there is not enough "lower" pressure accumulated to snap the BS.

It is often said "breakfast is most important meal of the day"....because its first one you have after waking up to new day (literally breaking your fast during sleep).

With developing country, the equivalent of this breakfast meal (or at the very least the concept of its intake being important to rest of the day and life in general) is the (civilian, day to day concerned) institutions it set up early on or developed further wisely from what it inherited (after independence/waking up....colonisation era being the equivalent to sleep) to deal with the course of its new day (destiny and future).

It is so very important (for developing country and any country that has started new chapter) because simply put 99% of people in developing country are focused on getting by day to day given the mass relative poverty, so they just dont have the resources available to wage the incisive pressure against the elite crust. Thus it was really the responsiblity of the best of the elite crust, the most enlightened of them to set up the foundations the best (with process for continued renewal and self-correction and improvement over time)

If it doesn't happen for whatever reason, you get a country/society very much like a guy who skipped breakfast and still looking for lunch....gaunt, wasting, looking for easy blame game..for its higher intellect went for fickle easy game (for whatever reason, but generally a psyche related one) rather than hard (but far more rewarding for its body) long game.

Dunno if you have come across "Rush"....but they have a great song "Closer to the heart" that encapsulates this quite well. "and the men who hold high places.... must be the ones who start....to mold a new reality.....closer to the heart"...and so on it goes in that vein.

Really if you think about it, countries and societies really are the sum total result of what their most enlightened people in history in their windows of power did (striking the offered hot iron or wisely missing the cold iron...and at what frequency this was all done)....and how it has accumulated downstream to this day given the less-enlightened people are about the same more or less everywhere you go.

@Chak Bamu @farhan_9909 @Joe Shearer @VCheng @niaz @Oscar @waz @Arsalan @WAJsal @Indus Pakistan

 

[Kabira]

My question - why are you importing milk and cream for infants? Is there no industrial scale dairy production to support such local industries. Palm oil? why? are there no local substitutes? Pak should be a net food exporter not importer.

Over valued currency plus smuggling meant it was cheaper to import processed milk.

See tea, AJK, KP are good places where tea can be grown locally but no one invest because of smuggling.

 

[VCheng]

it can mean only one thing.....powerful people (import cartels, oligarchs and their higher up contacts) want it that way due to gravy train trough directed their way in the "status quo"....and simply put there is not enough "lower" pressure accumulated to snap the BS.

That is present day Pakistan in a nutshell. Sad but true.

 

[Yaseen1]

It is good that imports are decreasing but govt should monitor rise of exports of necessary food item should not be more than rise of production otherwise our domestic population will suffer with malnourishment

 

[GumNaam]

24% reduction in imports with a 14% jump in exports in just the first quarter is a massive improvement. Now we know why molvi fuzla diesel et al along with their so called businessmen who don't really produce anything & make their money purely by selling imported goods and that too without invoices are trying the dharna out...they want exports reduced down to near 0% with imports increased to near 100%.

 

[Nilgiri]

That is present day Pakistan in a nutshell. Sad but true.

It is case in every country...in fact ever corner of this earth where humans exist.... just the degrees, names and procedures vary.

With developing country, sadly (given the natural but flawed human predilections), the scope (of such phenomenon) is simply very broad for it to fester and entrench easily, and as sick double whammy it takes its higher relative toll on the regular people...by stripping them of even the few (but important) basic pathways to self-improvement and success from the get go...and at wretched worst it strips basic dignity....because of what is allowed to perpetuate as the norm.

Civilisation is after all an exercise of human ego (given we long have settled that our curiosity triumphs all else...given we took of the tree we were warned not to)....which both propels and obscures....adds and subtracts....always a catch 22 consequence never far from everything we do.

So how the greater meaning is pursued and quarried..... logic+reasoning acquired and refined...and then wisely applied and importantly perpetuated is very much like acquiring long term seamanship from landlubber beginning....for those on a boat in seemingly infinite ocean.

It never comes easy....there will be lot of mistakes along the way...and if lucky some triumphs too....and we all hope a solid critical mass of people learn enough from it all and enough of them find themselves in position to effect something to get to a better heading.

The basic issue is that our lifetime is so short compared to these other timeframes and our experience/perception is as an individual (though we come into this world thoroughly dependent on others and for a good long while too)...and therein lies a huge obstacle, dissonance and inertia for the vast majority of us....right there in the psyche.

Thus very few can see beyond all of that and truly steer and shape the larger picture....and even fewer have the chance/luck to have the opportunity open up to do so in first place....and the very fewest have their efforts even surface to the relevant cognisance in first place so other worthies may carry it further.

 

[Nike]

It is case in every country...in fact ever corner of this earth where humans exist.... just the degrees, names and procedures vary.

With developing country, sadly (given the natural but flawed human predilections), the scope (of such phenomenon) is simply very broad for it to fester and entrench easily, and as sick double whammy it takes its higher relative toll on the regular people...by stripping them of even the few (but important) basic pathways to self-improvement and success from the get go...and at wretched worst it strips basic dignity....because of what is allowed to perpetuate as the norm.

Civilisation is after all an exercise of human ego (given we long have settled that our curiosity triumphs all else...given we took of the tree we were warned not to)....which both propels and obscures....adds and subtracts....always a catch 22 consequence never far from everything we do.

So how the greater meaning is pursued and quarried..... logic+reasoning acquired and refined...and then wisely applied and importantly perpetuated is very much like acquiring long term seamanship from landlubber beginning....for those on a boat in seemingly infinite ocean.

It never comes easy....there will be lot of mistakes along the way...and if lucky some triumphs too....and we all hope a solid critical mass of people learn enough from it all and enough of them find themselves in position to effect something to get to a better heading.

The basic issue is that our lifetime is so short compared to these other timeframes and our experience/perception is as an individual (though we come into this world thoroughly dependent on others and for a good long while too)...and therein lies a huge obstacle, dissonance and inertia for the vast majority of us....right there in the psyche.

Thus very few can see beyond all of that and truly steer and shape the larger picture....and even fewer have the chance/luck to have the opportunity open up to do so in first place....and the very fewest have their efforts even surface to the relevant cognisance in first place so other worthies may carry it further.

Those cartel oligarch is entrenched every where
In Indonesia we got cartel mafia to import and distributing sugar, wheat flour, salts, and beefs. Eventhough in the colonial era Dutch East Indies is the largest producer of Sugar....

 

[Shahzaz ud din]

Pakistan's current account deficit narrows to 41-month low
By Salman Siddiqui
Published: October 19, 2019
TWEET EMAIL

PHOTO: FILE

KARACHI: The current account deficit narrowed 80% to a 41-month low at $259 million in September, but it came at the cost of country’s economic growth.

The deficit stood at $1.27 billion in the same month of last year, the State Bank of Pakistan (SBP) reported on Friday.

The measures taken by the central bank to aggressively cut unwanted imports through a significant hike in the benchmark interest rate and attempts to revive exports and earn higher remittances through rupee depreciation helped bring down the current account deficit. The measures, however, have adverely impacted the growth of gross domestic product (GDP) at the same time.
In the first quarter (July-September) of the current fiscal year 2020, the current account deficit fell by 64% to $1.54 billion compared to $4.28 billion in the same quarter last year.

Alpha Beta Core CEO Khurram Schehzad said that the current account deficit has been reduced with a massive cut in imports through the rate hike. The hike has also led to improvement in foreign currency reserves. However, this is one side of the achievement.

Traders, businessmen must remain apolitical for Pak-Afghan trade to flourish

“The measures (rate hike and rupee depreciation) are now hurting economic growth in the absence of import substitutes,” he said.

“The government needs to create an enabling environment to attract investment (both local and foreign) in import substitution and human resource capacity building to let the economic growth accelerate. Otherwise, the current account deficit would again widen to unsustainable level when the authorities concerned soften interest rate to let some economic growth happen in the future,” he said.

Over 75% of all imports are essentials. They are raw material for export industries and their domestic substitutes remain absent. “Such imports cannot be controlled through interest rate hike or currency devaluation which have caused slowdown in the economy, which is indeed a bad strategy,” he remarked.

The central bank has projected economic growth of 3.5% during the current fiscal year 2020. The International Monetary Fund (IMF), which is closely monitoring Pakistan’s economic indicators under its loan programme worth $6 billion that started in July, anticipated the growth at 2.4% for the year. The GDP growth fell to a nine-year low of 3.3% in the previous fiscal year ended June 30, 2019.

Schehzad said that fiscal improvement through generating higher tax revenues and lower expenses may allow the government to invest in import substitutes and human resource capacity building. To recall, the central bank has increased the benchmark interest rate by 7.5% in the past two years to an eight-year high at 13.25% at present.

Besides, it let the rupee depreciate 52% in the previous two years to Rs160.05 to the US dollar as on June 30, 2019. However, it has recovered 2.59% to Rs155.90 since the beginning of the current fiscal year on July 1, 2019.

Traders oppose hike in municipal taxes, fees

The SBP reported the import of goods dropped 23% to $11.032 billion in the quarter ended September 30, 2019, compared to $14.27 billion in the same quarter of last year.

Exports inched up 2.37% to $6.03 billion in the quarter compared to $5.89 billion in the corresponding quarter. Experts said that exports have increased in volumetric terms, but remained low value-wise. An increase in export prices seems difficult due to economic slowdown across the world under the ongoing US-China trade tension.

Remittance inflows, however, slowed down 1.42% to $5.47 billion compared to $5.55 billion. Experts saw the slowdown as a temporary phenomenon and anticipated over 10% growth during the current fiscal year.

Published in The Express Tribune, October 19th, 2019.

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