Pakistanis drank tea worth over $336 million in six months. Pakistan has witnessed a robust growth of 5.53% in tea imports during the first half of the current fiscal year (July-December 2023-24), according to data released by the Pakistan Bureau of Statistics (PBS).
The figures reveal a notable increase from $318.798 million in the corresponding period of the previous year to $336.423 million.
The number of tea imports also registered a substantial uptick, surging by 9.12% to 139,751 metric tonnes during the reviewed period, compared to 128,068 metric tonnes in the same duration of the preceding fiscal year.
While the overall trend appears positive, December 2023 saw a dip of 16.80% in tea imports, totaling $58.869 million, in contrast to the figures recorded in December 2022, which stood at $70.759 million.
Nevertheless, there was a month-on-month rebound, as imports in December 2023 marked a 9.81% increase compared to November 2023, reaching $58.869 million.
Zooming out to encompass the broader spectrum of food imports, the country experienced a substantial 19.48% decline in the overall food group imports during the first half of the current fiscal year.
The data indicates a decrease from $4,914.278 billion in the last fiscal year to $3,957.188 billion in July-December 2023-24.
Notably, this positive shift in the trade dynamics has contributed to a noteworthy contraction in Pakistan’s merchandise trade deficit.
The trade deficit from July-December 2023-24 was recorded at $11.148 billion, reflecting a significant 34.29% decrease compared to the deficit of $16.965 billion in the same period of the previous fiscal year.
This improvement in the trade balance can be attributed to a commendable 5.17% increase in exports, totaling $14.981 billion during the reviewed period, compared to $14.244 billion in the corresponding months of the previous fiscal year.
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On the other hand, imports experienced a substantial reduction of 16.28%, narrowing down to $26.129 billion from $31.209 billion in the last fiscal year.
As Pakistanis drank tea worth over $336 million in six months, the latest PBS data underscores a positive economic trajectory for Pakistan, with the tea sector playing a noteworthy role in contributing to the country’s evolving trade dynamics and fiscal health.
