Agro and Food Exports Surge by 64% in July-December
Published on: January 9, 2024.
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Exports of agro and food products from Pakistan have seen a significant increase of 64 percent during the first six months of the financial year 2023-2024 compared to the same period last year. In December alone, there was a remarkable growth of 118 percent, with food products worth $882 million being exported, as compared to $404 million in the same month in FY2022-23.
In the current fiscal year 2034-24, there has been a major boost in the export of various products. Sesame seed exports have grown by 278 percent, maize/corn by 208 percent, ethyl alcohol by 497 percent, meat by 23 percent, rice by 96 percent, fruits and vegetables by 15 percent, spices by 10 percent, and tobacco by 34 percent. Pakistan’s exports of sesame seed reached $364 million during July-December 2023-24, compared to $98 million during the same period in 2022-23, showing an impressive growth of 278 percent. The increase in sesame seed exports can be attributed to the higher production in 2023, as the 2022 crop was destroyed by floods, and the increased demand and higher rates from China, Korea, Japan, and other countries.
Pakistan’s maize exports have also experienced a significant growth, reaching $262 million during July-December 2023-24, as compared to $85 million in the same period of the previous year, showing a positive growth of 208 percent. The increase in maize exports is mainly due to the rise in global prices of food commodities caused by the Russian-Ukraine war. Vietnam, Malaysia, Korea, and Oman are the major markets for Pakistani maize exports.
Furthermore, Pakistan’s exports of ethyl alcohol have seen a growth of 497 percent, with exports worth $259 million during July-December 2023-24, as compared to $43 million in the same period of the previous year. The increase in ethyl alcohol exports is a result of high global demand. In the meat sector, Pakistan has exported meat worth $239 million during July-December 2023-24, showing a growth of 23 percent compared to the same period last year.
The positive growth in the meat sector can be attributed to the opening of new markets such as Jordan, Egypt, and Uzbekistan, as well as the participation of many new companies in exporting meat to UAE, KSA, and the GGC region. Additionally, Malaysia has approved three more slaughterhouses for exporting and processing, and two meat exporting companies have gained market access to export heat-treated meat to China.
Pakistan’s exports of rice have also witnessed a remarkable growth of 96 percent, with exports reaching $1645 million during July-December 2023-24, compared to $841 million in the same period last year. This increase is primarily due to India’s ban on rice exports and the increased production of rice in Pakistan.
The export of fruits and vegetables from Pakistan has also shown positive growth, reaching $285 million during July-December 2023-24, as compared to $248 million in the same period last year, representing a growth of 15 percent. Similarly, exports of spices have increased by 10 percent.
Chief Executive TDAP, Zubair Motiwalla, stated, “In the first six months of the current fiscal year, agro exports have achieved $3.84 billion, which is 64 percent higher, and we expect to reach the target of $6 billion for the current year.” He further emphasized that TDAP is actively supporting exporters and providing necessary assistance in product and market diversification, considering the recent surge in agro product exports.
Source: https://www.nation.com.pk
