Pakistan to import 2.6 million tonnes of soybeans in 2022/23

Foreign media March 24 news: The report released by the US Agriculture Counselor said that in 2022/23 (starting in October 2022) Pakistan will import 2.6 million tons of soybeans, which is the same as the imports in 2021/22. Below is a summary of the report.

Total oilseed and edible oil consumption in Pakistan grew marginally in 2022/23 (October-September) as high prices and other economic headwinds dampened demand. Total oilseed imports in 2022/23 are expected to be 3.4 million tons, the same as in 2021/22; edible oil imports in 2022/23 are expected to be 3.7 million tons, also the same as the previous year.

As Pakistan’s domestic crushing industry is entirely oriented to crushing soybeans, while the poultry, livestock and aquaculture industries prefer soybean meal, soybeans remain the most important imported oilseed, accounting for about three-quarters of total imports, with rapeseed the rest.

Pakistan’s soybean and rapeseed imports in 2022/23 will remain unchanged from the previous year, at 2.6 million tonnes and 0.8 million tonnes, respectively. Palm oil remains the main imported vegetable oil, with imports in 2022/23 forecast at 3.6 million tonnes, unchanged from the previous year. Meal imports are negligible as the tariff structure continues to favour imported oilseeds for local crushing.