First wheat consignment arrives

KARACHI: The first wheat consignment of over 60,000 metric tons, imported by private sector, has reached Pakistan.

A vessel namely Y M Summit carrying some 60,804 metric tons wheat, imported from Ukraine, berthed at Karachi Port on Wednesday. This Marshal Island flagged geared vessel, backed by four cranes on board is capable of carrying and discharging bulk wheat efficient. Offloading will be started from today (Thursday) and would take at least ten to twelve days for the complete discharge.

The country is facing wheat shortfall due to low crop productivity. Wheat output was less than 25 million metric tons during this year as against the consumption of some 25-26 million metric tons, therefore, the government decided to import the commodity through public and private sector to meet the domestic demand.

The Economic Coordination Committee (ECC) of the Cabinet, in January, allowed the duty-free import of wheat grains to avoid shortage and ensure the availability of wheat and wheat flour at a reasonable price across the country.

Accordingly, Pakistani traders started wheat procurement from the international market and so far they have finalized deals for the import of around 0.6 million metric ton wheat.

Muzzammil R. Chappal, a leading commodity trader informed that overall some nine shipments, each of about 60,000 to 65,000 metric ton, have been booked by the private sector and first consignment has arrived on Wednesday. The imported wheat will be available at some Rs 45 to Rs 46 per kilogram as most of shipments were booked at a price ranging $ 224 to $ 240 per metric ton for August-September deliveries, he added.

He hoped that with arrival of imported commodity prices of wheat and its products would reduce in the domestic market. "Wheat prices are already on decline and likely to further reduce in coming days, "Chappal said.

He informed that second shipment of imported wheat is expected to reach Pakistan on Saturday.

It may be mentioned here that federal government closely monitoring the import of wheat to avoid any shortage. As part of these efforts, Secretary National Food Security has also recently visited Karachi Port Trust (KPT) and held meeting with Chairman KPT for facilitating wheat consignments in early berthing and other arrangements. KPT has assured full support to all stakeholders of in every aspect of the efficient berthing and efficient uploading of cargo.

Copyright Business Recorder, 2020