Pakistan’s Rice Exports Reach $1.638 Billion in First Half of Current Fiscal Year
Published on: January 24, 2024.
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Pakistan’s Rice Exports Show Remarkable Growth in First Half of Financial Year
Pakistan’s rice exports have experienced a significant increase of 76.53% during the first half of the current financial year, compared to the same period last year. According to data released by the Pakistan Bureau of Statistics (PBS), from July to December 2023, more than 2.570 million metric tons of rice, valued at 1.638 billion dollars, were exported. This is a considerable rise from the 1.732 million metric tons, costing 927.918 million dollars, exported during the same period in the previous year.
Notably, exports of Basmati rice also saw a positive trend, with a growth of 30.03%. Over 318,224 metric tons of Basmati Rice, worth 367.393 million dollars, were exported, compared to 286,577 metric tons valued at 282.538 million dollars exported during the corresponding period last year.
Additionally, 2.252 million metric tons of rice, consisting of other varieties, were exported during the first half of the current fiscal year. These exports were valued at 1.270 million dollars, indicating an increase from the exported 1.464 million metric tons worth 645.380 million dollars of the same period in the previous year.
The Rise of Food Exports
In a broader perspective, Pakistan has witnessed remarkable growth in its overall food exports. The food group exports from Pakistan during the reviewed period surged by 49.84% as compared to the same period last year. The value of food commodities exported reached 3.481 billion dollars, a significant increase from the 2.323 billion dollars of the previous year.
Conversely, the imports of food items into Pakistan during the first two quarters of the current fiscal year showed a decrease of 19.48%. The recorded imports amounted to 3.957 billion dollars, in contrast to the imports of 4.914 billion dollars during the corresponding period last year.
Conclusion
Pakistan’s rice exports have demonstrated substantial growth, particularly in the Basmati rice sector. The increase in exports is a positive sign for the country’s rice industry and signifies its competitive edge in the global market. With consistent efforts and favorable conditions, Pakistan’s food exports are expected to continue growing.
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