ISLAMABAD: Pakistan’s food import bill reached a record $8.14 billion in fiscal year 2024-25, up 3% from $7.90 billion in 2023-24, driven by higher imports of palm oil, soybean oil, pulses, and dried fruits, according to data shared by the Pakistan Bureau of Statistics (PBS).
Palm oil imports surged to 3.213 million tonnes worth $3.4 billion in FY25, surpassing the previous record of 3.197 million tonnes valued at $2.66 billion in FY21. The average price per tonne increased from $927 in FY24 to $1,056 in FY25.
Soybean oil imports also hit a record high at 321,107 tonnes worth $344 million in FY25, up from 119,845 tonnes worth $129 million in FY24. However, the average price per tonne slightly dropped from $1,081 to $1,070.
Despite the drop in international edible oil prices, domestic prices remain high. According to Sensitive Price Index (SPI) data, branded cooking oil prices range between Rs2,800-3,000 for five-litre packs, and Rs550-580 per kg for one-kg pouches.
Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Sheikh Umer Rehan attributed the rise in imports to increasing demand for cooking oil and ghee, driven by population growth.
The government raised concerns over a 29% profit margin in the edible oil market despite global price drops. During a meeting of the Economic Coordination Committee (ECC), Finance Minister Muhammad Aurangzeb highlighted that local prices remained high, even though international edible oil prices had dropped by 24% in recent weeks. The ECC urged stricter monitoring and coordination between relevant authorities to address potential price manipulation.
However, Mr. Rehan rejected the findings, arguing that oil prices fluctuated in line with international import prices, and criticized the government’s interpretation of industry practices.
Pulses imports also saw a rise, reaching 1.464 million tonnes worth $1 billion in FY25, up from 1.166 million tonnes worth $774 million in FY24. Masoor and moong prices showed mixed trends in the domestic market, while gram production fell by 16.6% in FY25.
Dried fruits and nuts imports surged to 165,790 tonnes worth $143 million, up from 102,566 tonnes worth $71 million in FY24.
