pakistan agriculture sector witnesses 6% growth in FY24
Published on: June 13, 2024.
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Agricultural Sector in Pakistan Witnesses Strong Growth in FY2024
The agriculture sector in Pakistan experienced substantial growth in the fiscal year 2023-24, with an overall increase of 6.25 percent, according to the Pakistan Economic Survey 2023-24. This growth can be attributed to the rise in production of important crops such as cotton, rice, and wheat.
Increase in Production of Important Crops
The production of cotton saw a remarkable increase of 108.2 percent, with 10.22 million bales produced compared to 4.91 million bales in the previous year. Rice production also saw a significant rise of 34.8 percent, reaching 9.87 million tonnes in comparison to 7.32 million tonnes. Wheat production witnessed an 11.6 percent increase, with 31.44 million tonnes produced.
However, the cultivation of sugarcane and maize experienced a decline of 0.4 percent and 10.4 percent respectively. This decrease can be partially attributed to crop switching. Despite this, the production of sugarcane remained relatively stable at 87.64 million tonnes, while maize production decreased to 9.85 million tonnes compared to 10.99 million tonnes previously.
Growth in Other Crops
Other crops also demonstrated growth, with a 0.90 percent increase compared to a contraction of 0.92 percent in the previous year. Fruits witnessed a growth rate of 8.40 percent, followed by vegetables at 5.77 percent, and pulses at 1.45 percent.
Positive Performance of Key Sectors
- Cotton Ginning: Cotton ginning, which holds a 1.34 percent share in the agriculture sector and 0.32 percent in GDP, experienced a remarkable growth rate of 47.23 percent, primarily driven by the increase in cotton production.
- Livestock: The livestock sector, accounting for a significant share of 60.84 percent in agriculture and 14.63 percent in GDP, grew by 3.89 percent compared to the previous year’s growth rate of 3.70 percent.
- Forestry: Forestry, with a 2.33 percent share in agriculture, witnessed a growth rate of 3.05 percent, although lower than the previous year’s growth rate of 16.63 percent.
- Fishing: The fishing sector, having a sectoral share of 1.30 percent, saw a growth rate of 0.81 percent, showing improvement from the previous year’s growth rate of 0.60 percent.
The robust growth of the agriculture sector in Pakistan indicates its resilience and potential for further development. With the support of key sectors, the country is well-positioned to strengthen its position as a leading rice exporter and a provider of high-quality agricultural products.
For more information on rice exporters in Pakistan, visit https://www.hasrice.com. Additionally, for a comprehensive list of Pakistan rice suppliers and exporters, please visit https://www.pakistanrice.com.
Source: https://propakistani.pk
