ISLAMABAD, PAKISTAN — Pakistan soybean imports are anticipated to ramp back up for marketing year 2020-21, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).
In the 2019-20 marketing year (October-September) Pakistan’s soybean imports slipped 15% to 1.7 million tonnes. The USDA attributed the drop to a pandemic-related decrease in feed demand and uncertainty regarding genetically engineered products geared for food, feed and processing.
However, soybean imports for the 2020-21 marketing year are forecast to total 2.4 million tonnes based on expected international soybean price stabilization and clearer GE regulatory guidelines, the USDA said.
Soybean oil imports also dropped in the 2019-20 marketing year. The USDA associated the 35% decrease in soybean oil imports to the commodity’s increasing price and the decreasing price of palm oil.