Global Rice News

Raw food exports in Pakistan continued to grow in March, with a 16.35% increase to $685.03 million compared to the same month last year. This upward trend marks the eighth consecutive month of growth in this fiscal year, despite the country experiencing record-high food inflation. According to data from the Pakistan Bureau of Statistics, the ban on onion exports was lifted after Eidul Fitr, even though the average onion price per kg is more than Rs200.

One of the key drivers behind the surge in raw food exports is the depreciation of the rupee, which has made Pakistani products more competitive in the international market. Additionally, disruptions in the supply chain and higher prices in the global market have led to increased demand for food products from Pakistan. The overall exports of raw food products and non-textile value-added products have grown by 22.4% in the first nine months of the current fiscal year, reaching $10.49 billion.

The rice industry in Pakistan has experienced significant growth, with rice exports rising by 83.37% in July-March FY24. This growth can be attributed to India’s ban on rice exports, which has led to an increase in basmati rice exports from Pakistan. Basmati rice exports have surged by 36.37% during this period. Non-basmati rice exports also saw a significant increase of 102.15%.

Meat exports have also grown, with an increase of 28.14% in 9MFY24. New markets, including Jordan, Egypt, the United Arab Emirates, Saudi Arabia, and other Gulf nations, Malaysia, and Uzbekistan, have contributed to this growth. The export of all other food products also saw an increase of 21.21% in the first nine months of the fiscal year. Vegetable exports increased by 42.79%, and fruit exports grew by 17.34%.

On the import front, Pakistan imported 691,192 tonnes of wheat in March, a 110.42% increase compared to the same month last year. Despite claims of a bumper wheat crop in the country, imports began in September 2023. The import bill for tea reached $495.22 million in nine months, marking a 13.86% increase.

In terms of non-textile value-added products, engineering goods exports grew by 10.87% in 8MFY24. However, some commodities experienced a decline in exports, including footwear (11.30% drop), leather garments (7.21% drop), leather gloves (20.55% drop), surgical instruments (1.36% drop), carpets and rugs (21.16% drop), and sports goods (6.03% drop). On the other hand, jewellery exports grew by 22.74%, and there was a 4.75% rise in the export of electric fans. Cement exports also saw a notable increase of 32.51%.

These developments in Pakistan’s food and non-textile exports reflect the country’s growing presence in the global market. With ongoing efforts to enhance product quality and competitiveness, the future of Pakistan’s export industry looks promising.

Source: Dawn