Food trade deficit continues to eat into economy

ISLAMABAD: Pakistan’s food trade deficit continues to yawning as exports fell by 11.79 percent and imports swelled by 13.47 percent during the first eight months of this fiscal year compared to same period last year, stats released by Pakistan Bureau of Statistics (PBS) showed. 

According to the PBS data, food group imports into the country during July-February 2016-17 were recorded at $3.970 billion compared to $3.498 billion a year ago. Analysts attribute this increase to mushrooming population, rising individual food uptake, latest fast food fads, improving income levels. 

Meanwhile, during the period under review, food group exports from the country were calculated to be at US$ 2.339 billion compared to $2.652 billion last year. On the other hand the falling exports are pinned on shrinking per-acre yields of staple crops, stunted growth of dairy/meat sectors, problems facing fish, transport/processing/storage, substandard food processing, across the board inefficiencies in the food exporting industries, government’s overemphasizing the importance of textile exports etc.

Fish and fish preparations’ exports jumped by 12.99 percent as 87,997 metric tons of products worth $239.798 million were sold overseas in July-February 2016-17 compared to 80,340 metric tons valuing $212.221 million in the first eight months of last fiscal.