Over 400 containers of vegetables stuck at Karachi seaport due to foreign exchange shortage

Owing to the lack of foreign exchange reserves in Pakistan and a reeling economic crisis, over 400 containers of imported vegetables were stuck at various terminals of Karachi seaport, Business Recorder reported on Wednesday.

Owing to the lack of foreign exchange reserves in Pakistan and an ongoing economic crisis, over 400 containers of imported vegetables were stuck at various terminals of Karachi seaport, Business Recorder said citing a letter from All Pakistan Fruit and Vegetable Exporter, Importers and Merchants Association (PFVA) on Wednesday. These containers of onion, ginger, and garlic, which were imported from China, Egypt, Thailand, and other nations to meet the South Asian country's domestic demand, landed at Karachi Port three to four days ago, according to PFVA.

"We would like to submit that the containers of onion are still held up at the various terminals of Karachi seaport since the commercial banks are not releasing the documents due to non-availability of foreign exchange as per the statement of the banks," the letter said. However, the containers remain stuck at the Karachi port due to a lack of foreign exchange reserves.

417 containers of onions, ginger, and garlic, totalling USD 5.4 million, are still in the country's seaports. These include over 250 onion containers valued at about USD 2.2 million, 63 ginger containers worth about USD 816,480, and 104 garlic containers worth about USD 2.533 million, according to Business Recorder. The PFVA claimed that the excessive delay in the timely clearance of vegetable containers would result in a daily increase in the cost of the containers, including terminal fees and shipping fees, the Business Recorder reported.

Despite Pakistan's finance minister Ishaq Dar's repeated assurances for Sukuk payment, the international market is unwilling to trust the confirmations as the nation's economy struggles to avoid default by borrowing more from the markets, donors, commercial banks and friendly nations. Pakistan has been gripped by political turmoil since Imran Khan was removed from office through a vote of confidence in April. Pakistan Tehreek-e-Insaf Chief Imran Khan accused the United States of planning his ouster. (ANI)

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