While the imports of pretty much everything else has gone down – Pakistan’s love for palm oil seems to be intact. Pakistan imported 3 million tons of palm oil in FY23 – much in line with previous highs seen in FY21 and FY20. Such is the resilience of the palm oil demand, that when Pakistan was almost on a standstill in the peak Covid era – palm oil imports went on as if it was business as usual. Today, when Pakistan faces its worst economic slowdown in decades, and all imports have considerably lowered (consider that Pakistan did not import diesel in July 2023 at all) – palm oil goes on its merry way.
This is also when retail prices are hovering near all-time highs (having slightly come down from the peak in April 2023). With runaway food inflation, and core inflation touching all-time highs, it is fair to assume that average Pakistani is struggling more today than a year ago – and surely the consumption patterns would have taken a hit – as real incomes go down considerably. But palm oil consumption is having none of it.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
