Pakistan Likely to Import 800,000 Tons of Wheat August 12, 2013 According to trade sources, Pakistan will likely import 800,000 tons of wheat during the current marketing year due to lower-than-targeted government wheat procurement, and a reduction in the government’s anticipated wheat production. The bulk of Pakistan’s wheat imports are expected to come from the Black Sea due to lower prices. Trade sources have also indicated that Pakistan has already booked around 200,000 tons of wheat from the Black Sea for arrival later this month. Black sea wheat is trading at around $285-289/MT while the domestic price in Karachi is hovering around $330/MT. Authorities in Pakistan are under pressure from the industry and state governments to reduce the five per cent withholding tax on wheat imports, in order to bring down the cost of the imported grain. The cabinet’s Economic Coordination Committee (ECC) will likely take up the issue in the coming days. MY2013/14 exports are also reduced to 700,000 tons mainly due to the increase in the domestic wheat price. Most of this wheat will be exported to Afghanistan.
Posted on: Tue, 13 Aug 2013 16:31:24 +0000
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