pakistan agriculture sector growth records 6.25% in FY2024
Published on: June 13, 2024.
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Pakistan’s agriculture sector experienced remarkable growth in the fiscal year 2024, achieving an overall increase of 6.25 percent, as per the Economic Survey 2023-2024.
The production of key crops witnessed a significant surge of 16.82 percent, primarily driven by substantial increases in cotton, rice, and wheat outputs. Cotton production soared by an astonishing 108.2 percent, reaching 10.22 million bales compared to 4.91 million bales the previous year. Rice production also saw a substantial increase of 34.8 percent, totaling 9.87 million tonnes, up from 7.32 million tonnes. Similarly, wheat production rose by 11.6 percent, amounting to 31.44 million tonnes from 28.16 million tonnes.
However, the production of sugarcane and maize faced a decline of 0.4 percent and 10.4 percent, respectively, partly due to crop switching. Sugarcane production stood at 87.64 million tonnes, slightly down from 87.98 million tonnes, and maize production was 9.85 million tonnes, compared to 10.99 million tonnes.
On the other hand, other crops demonstrated a growth of 0.90 percent, recovering from a contraction of 0.92 percent last year. This growth was supported by notable increases in fruits (8.40 percent), vegetables (5.77 percent), and pulses (1.45 percent).
Cotton ginning, a significant component of the agriculture sector and GDP, witnessed remarkable growth of 47.23 percent, supported by the high growth in cotton production.
Key Highlights from the Economic Survey 2023-24:
Livestock: Livestock represents a significant portion of the agriculture sector and GDP, with a growth rate of 3.89 percent, compared to 3.70 percent last year.
Forestry: Contributing 2.33 percent to agriculture, forestry experienced a growth rate of 3.05 percent, a decrease from last year’s 16.63 percent growth.
Fishing: Fishing, with a sectoral share of 1.30 percent, recorded a growth rate of 0.81 percent, up from 0.60 percent last year.
These statistics indicate the overall positive growth and development of Pakistan’s agriculture sector. This growth is essential for the country’s economy as agriculture plays a vital role in employment, exports, and food security. Pakistan has emerged as one of the leading rice exporters globally, with companies like HAS Rice Pakistan and Pakistan Rice exporter contributing significantly to this sector. For more information on rice exporters from Pakistan, you can visit https://www.hasrice.com and https://www.pakistanrice.com.
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