China’s support helps Pakistan to cut oilseed imports

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China continues to help Pakistan to cut its oilseed imports amid economic challenges., China Economic Net (CEN) reported.

As Pakistan has been confronted with severe economic challenges especially after massive countryside floods, with the shrinking foreign exchange reserves, the country’s various imports are putting additional financial strain.

Statistics from the State Bank of Pakistan (SBP) show that in FY2021, Pakistan’s imports of soya beans, whether or not broken, reached about $1.145 billion, a strong growth of about 50% year-on-year, exhibiting the country’s urgent demand for soybeans.

However, in the first quarter of FY2023, Pakistan’s soybean imports were $269 million, down about 18% year-on-year, which may had been affected by the decline of the country’s foreign exchange reserves.

Soybean production should be adequately considered by Pakistan because of the country’s over dependence on imports of soybeans.

Lack of high-quality seeds, high-yielding planting patterns and machinery restricting Pak soybean production

“We are dependent on imports. It is very expensive which causes increase in the price of feed, oil etc. day by day. It is our need to plant it in our country,” Hafiz Saad Bin Mustafa, Oilseed Scientist, Ayub Agricultural Research Institute said.