Pakistan Imported Tea Worth Rs 31.64 Billion in the First 2 Months of FY 2023-24

Pakistan Imported Tea Worth Rs 31.64 Billion in 2 Months of FY 2023-24

Pakistan has imported food items worth Rs 378.98 billion in the first two months of fiscal year 2023-24, according to data from the Pakistan Bureau of Statistics (PBS).

Specifically, Pakistanis imported tea valued at Rs31.64 billion during these two months, marking an increase from Rs20.23 billion in the corresponding period of the previous year.

The PBS data also reveals substantial imports of palm oil amounting to Rs 158.7 billion and soybean oil at Rs 13.56 billion over the same two-month period.

Additionally, Pakistan imported pulses worth Rs 48.25 billion during the initial two months of the fiscal year 2023-24. Furthermore, dry fruits with a value exceeding Rs 2 billion were also imported during this time frame, as indicated by PBS.

An important development occurred in July when the State Bank of Pakistan (SBP) removed all restrictions on imports to fulfill a condition set by the International Monetary Fund (IMF).

The central bank issued a circular to eliminate these import restrictions and allowed banks to facilitate remittances to release more than 6,000 containers. The SBP, through its circular, confirmed that remittances would be provided for all imports following the implementation of this directive.

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