FY24 sees increased crop production goals set by government
Published on: October 13, 2023.
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Rice and Agriculture Forecast for Pakistan in Fiscal Year 2023-24
The interim governmental body of Pakistan has laid out its targets for the key crops for the financial year 2023-2024. The objectives comprise a harvest target of 32.12 million metric tonnes of Wheat, 11.5 million bales of Cotton, and 8.64 million metric tonnes of Pakistan Rice.
Important to note, the United States Department of Agriculture (USDA) forecast predicts that the output of rice exporters from Pakistan is to be approximately 9 million tons in FY24.
Additionally, USDA has projected a wheat production of 28 million tonnes which surpasses last year’s yield and the average yield for the country over the past five years (2018-2022).
Other Agriculture Projections for 2023-24
Additional projections include the production of 10.5 million tonnes of corn (maize), 6.5 million bales of cotton, 7.8 million tonnes of sugar, and 540,000 tonnes of rape-seed (canola) for the year 2023/24. These figures promise a much-needed break for Pakistani farmers who faced heavy losses as a result of the catastrophic floods of 2022.
It is also anticipated that the Indian prohibition on non-basmati rice exports is likely to increase the prices obtained by Pakistan rice exporters offering 25% broken rice on the global market.
Annual Agriculture Credit Disbursement
Furthermore, the government has set an annual agriculture credit disbursement target of Rs2.25 trillion for financial institutions for FY24 to meet the agricultural credit demand within the country. This comes after the disbursement of a total of Rs1.776 trillion in the previous year, FY23.
