Food Exports Increase by 18% in July-September
Published on: October 20, 2023.
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Pakistan’s Food Exports Experience Tremendous Growth in First Quarter of FY24
Pakistan’s food exports have shown remarkable growth, increasing by over 18% in the first quarter of the fiscal year 2023-24 to reach $1.28 billion, according to recent data released by the Pakistan Bureau of Statistics (PBS). This surge in food products exports can be attributed to several factors, including the unprecedented depreciation of the rupee, disruptions in the supply chain, and higher international market prices, which have all contributed to a soaring demand for Pakistani food products.
One notable area of growth in exports is the rice industry. Despite previous declines, rice exports from Pakistan have risen by 0.98% in the first three months of FY24, primarily due to increased exports of basmati rice. The average basmati rice price has experienced a significant increase in the domestic market, resulting in a growth rate of 20.48% and exports valued at $406.38 million in July-September. This rise in basmati rice exports has been stimulated by India’s rice export prohibition and a boost in rice production within Pakistan.
In addition to rice, Pakistan’s fish and fish products exports have also witnessed growth, amounting to $83.06 million in the first quarter of FY24, a rise of 3.75% compared to the previous year. This expansion can be attributed to the increase in various fishery kinds, notably cuttlefish, along with the easing of Qatar’s prohibition on Pakistani seafood imports.
Furthermore, Pakistan has seen a boom in meat exports, which has grown by an impressive 20.05% in the first quarter, reaching a value of $112.98 million. The introduction of new markets such as Jordan, Egypt, and Uzbekistan, along with the registration of several new enterprises, has contributed to this increase. Additionally, Pakistan has received market access for heat-treated meat shipments to China, further fueling the growth in meat exports.
Despite these positive trends, it is important to note that meat prices within the domestic market have experienced an unprecedented rate of increase in recent years.
Other sectors within Pakistan’s food exports industry have also shown growth. Fruits exports have increased by 12.43% in the first three months of the fiscal year, totaling $88.66 million. However, vegetable exports have experienced a decline of 30.35%, reaching $51.41 million this year.
The spices sector has shown promising growth as well, with exports increasing by 23.51% to $23.75 million in the first quarter. The export of oil seeds, nuts, and kernels has witnessed the most significant growth, soaring by 405.85% to reach $185.99 million during the three months under review.
In a notable development, Pakistan has successfully exported 33,102 metric tonnes of sugar in the first quarter of the current fiscal year, in comparison to no exports during the same period last year.
Overall, Pakistan’s food exports have demonstrated impressive growth in the first quarter of FY24, driven by various factors such as currency depreciation, disruptions in the supply chain, and international market conditions. This growth represents an opportunity for the country’s rice exporters, rice suppliers, and rice mills in Pakistan to capitalize on the increasing demand for Pakistani food products. For more information about Pakistan’s rice exporters and suppliers, visit www.hasrice.com. To learn more about Pakistan’s rice industry, including Pakistan rice exporters and the latest prices, visit www.pakistanrice.com.
Source: Dawn
