Pak’s Agriculture Machine Import shrink 27 percent in 2MFY24

September 30, 2023

The import of agricultural machinery and implements in the initial two months of the current fiscal year witnessed a substantial decline of 27.49 percent when compared to the imports during the corresponding period of the previous year. Data from the Pakistan Bureau of Statistics reveals that from July to August 2023, the total value of agricultural machinery and implements imported was $8.878 million, a significant decrease from the $11.830 million imported in the same period the previous year.

Similarly, imports in the agriculture and other chemicals group showed a reduction of 15.48 percent during the first two months of the current fiscal year. Specifically, agricultural chemicals worth $1.439 billion were imported, down from $1.702 billion in the corresponding period of the previous year.

Furthermore, fertilizer imports decreased by 11.65 percent, with 38,600 metric tons valued at $20.867 million imported during the last two months, compared to 29,978 metric tons worth $23.620 million during the same period the previous year. Insecticide imports also saw a notable decrease of 27.03 percent, with 6,620 metric tons valued at $33.099 million imported, down from 7,192 metric tons costing $45.358 million in the same period the previous year.

Additionally, the country spent $431.570 million on importing over 350,807 metric tons of plastic materials, compared to $452.966 million spent on importing 269,972 metric tons in the same period the previous year. Import of medicinal products also experienced a reduction of 12.85 percent, with 4,807 metric tons worth $177.154 million imported in the first two months of the current fiscal year, compared to 5,001 metric tons valued at $203.269 million during the same period the previous year.