Soybeans break through, Pakistan expected to save $3.4 billion annually as import bill set to shrink
- Shahid Imran, Convenor of the Food Sector Committee of the Federation of Pakistan Chambers of Commerce and Industry, stated that if key structural and market challenges are effectively addressed, soybean cultivation holds significant potential to greatly reduce the country's growing edible oil import bill.
- In the 2024-25 fiscal year, the value of soybean oil imports to Pakistan is approximately $344 million, in addition to over 2 million tons of raw soybeans, mainly to meet the needs of the poultry industry. This reflects the country's increasing dependence on soybean-related products.
- Palm oil will continue to dominate edible oil imports in the 2025 fiscal year, with an import volume of about 3.21 million tons, valued at around $3.4 billion. As the cheapest edible oil globally, palm oil remains the preferred choice for price-sensitive consumers. Unless soybean oil can compete on price, large-scale substitution will be difficult to achieve.
- Farmers generally hesitate to grow crops lacking mature marketing channels and a broad base of buyers. Therefore, establishing a reliable procurement and marketing system for soybeans is crucial for encouraging farmers to expand cultivation.
- Pakistan urgently needs to introduce and promote new crops suitable for large-scale commercial cultivation that either have strong export potential or can effectively substitute imports. With appropriate policy support and investment in value chain infrastructure, soybeans have the potential to become an important crop contributing to food security and economic stability.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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