Tuesday, March 5, 2024

Pakistanis Consume Tea Worth Rs. 80 Billion in Just 5 Months

From July to November in the fiscal year 2023-24, Pakistan witnessed a significant 44.6 percent increase in tea imports, reaching Rs. 79.81 billion compared to Rs. 55.2 billion in the same period the previous year.

This influx amounted to 116,407 tons of tea, marking a 15.6 percent increase from the 100,680 tons imported during the corresponding period last year.

In November, there was a noteworthy 23.9 percent year-on-year growth in tea imports, but a 6.7 percent decrease from October 2023, totaling Rs. 16.4 billion.

Despite a decline in international tea prices over the five months compared to the previous year, the 44 percent increase in the rupee value is attributed to significant currency devaluation throughout the year. In dollar terms, the rise in tea imports was a more modest 11 percent.

It’s important to highlight that Pakistan maintains its position as the world’s largest tea importer, bringing in a total of 231,449 tons of tea valued at Rs. 139 billion or approximately $500 million during the fiscal year 2022-23.

Despite government initiatives to locally cultivate tea in the Mansehra region of Khyber Pakhtunkhwa, substantial results from these efforts are yet to be realized.

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