Global Rice News

Pakistan’s exports are projected to grow by more than ten percent and reach approximately $31 billion in the current fiscal year 2023-24, surpassing the $27.735 billion recorded in the previous fiscal year 2022-23.

According to sources from the Pakistan Bureau of Statistics (PBS), the country’s exports were $4.434 billion during the first two months (July-August) of the current fiscal year, marking a -6.32 percent decrease compared to $4.733 billion. However, exports rebounded from September 2023 and continued on a positive trajectory.

During the first eleven months (July-May) of the current fiscal year 2023-24, the country’s exports increased by 10.65 percent ($2.702 billion) to $28.070 billion, outperforming the $25.368 billion recorded in the corresponding period of the previous fiscal year.

Monthly exports figures were as follows: July ($2.068 billion), August ($2.366 billion), September ($2.476 billion), October ($2.690 billion), November ($2.573 billion), December ($2.822 billion), January ($2.792 billion), February ($2.583 billion), March ($2.572 billion), April ($2.352 billion), May ($2.792 billion), and June 2024 is expected to remain over $2.8 billion.

In contrast, imports decreased by 2.37 percent to $49.802 billion during the first eleven months of the current fiscal year, compared to $51.010 billion in the same period of the previous fiscal year. The increase in exports and the decline in imports resulted in a 15.25 percent reduction in the trade deficit in the first eleven months (July-May) of 2023-24, which stood at $21.732 billion compared to $25.642 billion in the same period of the previous fiscal year.

Officials attributed the export turnaround to focusing extensively on established markets like China and Saudi Arabia, as well as exploring new markets in African countries. They believe these efforts will yield further positive results in the coming months.

Within the food group, exports amounted to $6.228 billion during the first ten months of the current fiscal year, demonstrating a significant growth of 45.61 percent compared to $4.277 billion during the same period of the previous fiscal year. Rice exports witnessed an impressive growth of 80.13 percent, leguminous vegetables (pulses) grew by 409.33 percent, oil seeds, nuts, and kernels experienced a growth of 115.43 percent, and vegetables showed a growth of 41.50 percent. Within the textile group, raw cotton had remarkable growth of 319.9 percent.

The United States remained the top export destination for Pakistani products during the first ten months of the current fiscal year 2023-24, followed by China and the United Kingdom. Total exports to the US reached $4,497.658 million, indicating a decline of 9.92 percent compared to $4,993.310 million in the same period of the previous fiscal year. Pakistan’s exports to China experienced a significant increase of 37.68 percent, reaching $2,341.089 million compared to $1,700.303 million last year. The UK was the third top export destination, with exports worth $1,683.655 million.

Other countries that Pakistan exported to include the UAE ($1,637.779 million), Germany ($1,235.348 million), Holland ($1,143.879 million), Italy ($918.011 million), Saudi Arabia ($579.425 million), and Turkey ($281.937 million).

Representatives from various sectors highlighted the success of Pakistan’s strategy to boost non-traditional exports to China and the GCC, especially during challenging times.

Experts noted that Pakistan’s focus on non-textile items and new markets contributed to the increase in exports. Agriculture and food items, particularly rice, played a vital role in boosting exports. They also highlighted the relatively lower energy costs associated with agriculture, as many tube wells are powered by solar energy. Additionally, entering new markets while maintaining focus on existing ones contributed to the robust growth in Pakistan’s exports.

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