Palm Oil import increase by 34 percent

March 25, 2021

531

Palm oil imports in Pakistan increased 34 percent in the first eight months of the current fiscal year (Jul’20-Feb’21) compared to imports in the same period last year.

As per the latest figures from Pakistan Bureau of Statistics, palm oil imports between July’2020 and February’2021 totaled US $ 1,585.4 million, compared to US $ 1,182.9 million imported between July’2019 and February’2020.

Meanwhile, on an annualized basis, palm oil imports increased 19.9% to reach $ 217.55 billion in February 2021, up from $ 181.465 million in February 2020.

On a monthly basis, palm oil imports fell 15.01% in February 2021, compared to imports of $ 255.967 million in January 2021.

Palm oil is primarily used in manufacturing of Cooking Oil. With increased consumption of cooking oil and allied products, demand of Palm oil has massively increased. Pakistan majorly source palm oil from Malaysia.