A state agency in Pakistan has issued a new international tender to purchase and import 500,000 tonnes of wheat. The last date to submit the price offers in response to the tender issued by the Trading Corporation of Pakistan (TCP) was set on October 26.
The Trading Corporation of Pakistan has directed that the consignment volume shouldn’t be less than 100,000 tonnes and is to be delivered on certain dates between November 13 to December 20. All the shipments must be planned and organized in a way so that the purchased wheat should arrive in the territory of Pakistan by Jan 10’2023.
Owing to the devastating floods in September, Pakistan is in severe need of supplies. There is a substantial import requirement as the floods have damaged farmland and crops. The devastating floods have swept away homes, bridges, roads, and livestock and have dampened the supply chain as well thereby making it crucial for the country to import commodities to supplement the needs of the affected population.
Pakistan released the last tender on 30th September but it went without any offers due to uncertainty about the new tender terms. Especially a condition put forth by the Trading Corporation of Pakistan which required a second quality inspection during unloading on top of a quality inspection in the port of loading.
This new tender still requires quality testing during unloading but this time ships are allowed to unload before the testing.
Price Offering by Traders
In the most recent tender, Pakistan has received multiple price offerings for their requirement of 500,000 tonnes of wheat. Reports suggest that Pakistan has finalized the lowest price offered by European traders which stands at US$373 a tonne C&F.
However, the state agency- Trading Corporation of Pakistan is still considering the multiple offers they have received and have not made any purchase as of now. An estimated eight trading houses are believed to be participating in the tender and all offers involved wheat shipments from several optional origins.
The Floods
Pakistan was hit by large-scale floods on June 14, 2022. The floods were a fallout of climate change as Pakistan comes in the most affected region facing the effects of climate change. The country faced heavy rainfalls on top of melting glaciers followed by a heat wave. As a result, around 15-20 percent of the total population was directly affected and the death toll reached 1,717. The government of Pakistan is expected to face an estimated loss of US$40 billion on account of the floods.
Owing to these, the country is struggling to meet the grain requirements. The flood swept away farmlands, damaged crops, and severely disrupted the supply chain. This, among other factors, made Pakistan issue a tender to buy 500,000 tonnes of wheat which will be supplied to its affected population.
Pakistan, on an annual basis, produces around 25-30 million tonnes and Wheat Importers stand at 2-3 million tonnes. As this season’s production is damaged, Pakistan has to rely upon imports and the remaining stocks from last season.
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