Agricultural Exports Reach All-Time High of $6.8 Billion from July to April
Published on: May 12, 2024.
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Rice and Maize Exports Drive Record Agricultural Exports in Pakistan
According to sector officials, Pakistan’s agricultural exports have reached a record high of $6.8 billion in the first 10 months of the fiscal year 2024, primarily driven by the significant increase in rice and maize exports. This surge in exports marks a substantial increase compared to previous fiscal years.
Data from July 2023 to April 2024 shows that Pakistan earned $6.822 billion, surpassing the figures of $5.852 billion in 2022-23, $6.368 billion in 2021-22, and $4.948 billion in 2020-21. The agricultural sector has witnessed remarkable growth, particularly in the export of rice and maize, which reached $3.7 billion. Additionally, sesame seeds have emerged as a rapidly growing export commodity, contributing $458.7 million in exports.
Pakistan’s halal meat industry also holds untapped potential, with the export of meat and edible meat offal amounting to $429.16 million. Experts believe that strategic policy changes can position Pakistan among the leading halal meat exporters globally.
Other sectors that have significantly contributed to the country’s robust export performance include beverages and vinegar ($365.1 million), edible vegetables ($348.4 million), fish and seafood ($338.1 million), and fresh fruits and nuts ($266.7 million).
Commodities expert Shamsul Islam Khan predicts that agricultural exports will reach $7.5 billion by the end of fiscal year 2024. This growth can be attributed to the rising demand for halal food and increased exports to China. To fully unlock the potential of the agricultural sector and ensure long-term economic stability, Khan emphasizes the need for sustained investment in value-added production and market diversification. Both the government and the private sector must collaborate to explore new markets and capitalize on emerging opportunities.
The surge in agricultural exports has had a positive impact on Pakistan’s overall exports, which have amounted to $25.28 billion in the first 10 months of fiscal year 2024. This represents a growth of over 9 percent compared to the same period last year.
Source: The News
