Food Exports Surge by 18% from July to September
Published on: October 20, 2023.
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Pakistan’s Food Exports Surge by 18% in First Quarter of FY24
Pakistan’s food exports have experienced significant growth, increasing by over 18% in the first quarter of the fiscal year 2023-24, reaching a value of $1.28 billion. This positive trend is according to data recently released by the Pakistan Bureau of Statistics (PBS).
Multiple factors have contributed to the surge in food product exports. The unprecedented depreciation of the Pakistani rupee, along with persistent disruptions in the supply chain and higher prices in the international market, has created a soaring demand for food products.
In September alone, Pakistan recorded an annual food inflation rate of over 34%. Specifically, the export of rice from the country experienced a 0.98% increase during the first three months of FY24, mainly due to higher exports of basmati rice. This is particularly significant given that rice exports had been declining over the past year.
Basmati rice exports witnessed substantial growth of 20.48%, reaching $406.38 million during July-September. The reasons behind this increase lie in India’s prohibition on rice exports and the surge in rice production in Pakistan.
The depreciation of the Pakistani rupee during the quarter has also played a crucial role in boosting proceeds from the global market. Consequently, the average price of basmati rice has experienced a dramatic rise in the domestic market. In terms of quantity, basmati rice exports saw a notable increase of 3.68% during this period.
Furthermore, Pakistan’s fish and fish products exports were valued at $83.06 million in the first quarter of FY24, indicating a growth rate of 3.75% compared to the previous year. The expansion of fishery varieties, particularly cuttlefish, has driven the increase in seafood exports. Additionally, Qatar has eased its prohibition on importing Pakistani seafood.
Meat exports from Pakistan reached a value of $112.98 million in the first quarter, representing a growth rate of 20.05%. This increase is attributed to the introduction of new markets such as Jordan, Egypt, and Uzbekistan. Moreover, several new enterprises are registering to export meat to the United Arab Emirates, Saudi Arabia, and other Gulf nations. Malaysia’s clearance of three additional slaughterhouses for export and processing, along with the market access granted for heat-treated meat shipments to China, has further contributed to this growth.
In contrast, meat prices in the domestic market have risen at an unprecedented rate in recent years.
Fruit exports showed an increase of 12.43%, amounting to $88.66 million in the first three months of FY24. Meanwhile, vegetable exports experienced a decline of 30.35% to $51.41 million.
Pakistan’s spice exports witnessed a growth rate of 23.51%, reaching $23.75 million in the first quarter. Additionally, the export of oil seeds, nuts, and kernels increased by a remarkable 405.85%, totaling $185.99 million in the three months under review.
Sugar exports during the first quarter of the current fiscal year stood at 33,102 metric tonnes, compared to no exports during the same period last year.
These positive export growth rates reflect the strength and potential of Pakistan’s food industry in the global market. With the support of favorable market conditions and an increasingly diverse range of export destinations, Pakistan’s food sector is poised for further growth and success.
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