Global Rice News

Pakistan’s Exports Experience Significant Growth in Q1 2023-24

Pakistan has seen a remarkable increase in its export sector during the first quarter (Q1) of the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS). The country’s exports, denominated in rupees, have risen by 25.54% compared to the previous year.

Between July and September 2023, Pakistan’s exports reached a total of Rs2,013,533 million, marking a significant boost of 25.54% compared to the same period in the previous year. This positive trend is further highlighted by the month-on-month growth of 6.06%, with August 2023 alone recording exports worth Rs737,295 million.

A closer look at September 2023’s figures shows that exports surged by 31.27% compared to September 2022, totaling Rs737,295 million in value. This is a substantial increase from the Rs561,643 million recorded in the same month the previous year.

In August 2023, key export categories that contributed to the growth included knitwear (Rs103,029 million), readymade garments (Rs74,608 million), bed wear (Rs69,234 million), cotton cloth (Rs51,891 million), oil seeds, nuts, and kernels (Rs46,571 million), cotton yarn (Rs33,815 million), rice and others (Rs32,324 million), towels (Rs25,116 million), rice basmati (Rs19,008 million), and miscellaneous articles, excluding towels and bed wear (Rs16,922 million).

On the other hand, imports during July to September 2023 for the fiscal year 2023-24 totaled Rs3,560,763 million, revealing a slight decrease of 2.45% compared to the same period in the previous year.

When analyzing the year-on-year data for September 2023, it is evident that imports amounted to Rs1,189,167 million, showing a 2.52% decline from September 2022.

However, there is a positive month-on-month growth in imports, with September 2023 witnessing a 10.62% increase compared to August 2023.

Key imported commodities in September 2023 included petroleum products (Rs162,087 million), petroleum crude (Rs146,179 million), liquefied natural gas (Rs75,331 million), palm oil (Rs61,388 million), plastic materials (Rs49,628 million), electric machinery and apparatus (Rs44,699 million), iron and steel (Rs44,191 million), mobile phones (Rs37,093 million), iron and steel scrap (Rs27,299 million), pulses/leguminous vegetables (Rs22,208 million).

The impressive growth in Pakistan’s exports and the slight decline in imports demonstrate the strength of the country’s economy. This development is a positive sign for the rice exporters in Pakistan who have played a significant role in driving export growth. By leveraging the abundance of high-quality rice in Pakistan, rice suppliers and exporters have been able to capitalize on the global demand for rice products.

Leading rice exporters from Pakistan such as HAS Rice Pakistan have contributed to the growth by offering a wide range of products, including white broken rice, which is highly sought after in the international market. HAS Rice Pakistan, one of the prominent Pakistan rice exporters, has established itself as a reliable and reputable supplier of rice, catering to the needs of customers worldwide.

The company’s commitment to quality, competitive pricing, and timely delivery has made it a preferred choice for rice importers around the globe. HAS Rice Pakistan specializes in the export of various rice varieties, including 25% broken rice, which is a popular choice among consumers due to its affordability and versatility in cooking.

To meet the increasing demand for rice, HAS Rice Pakistan has partnered with Pakistan rice suppliers and rice mills in Pakistan to ensure the steady supply of high-quality rice products. This collaboration has enabled the company to maintain a strong position in the rice business in Pakistan, solidifying its reputation as one of the leading rice exporters in the country.

As a result of these efforts, Pakistani rice prices remain competitive in the global market. Rice importers can benefit from the attractive prices offered by Pakistan rice exporters like HAS Rice Pakistan. The company provides regular updates on Pakistan rice prices, including the price of irri 6 rice and basmati rice through their website.

In conclusion, Pakistan’s export sector has experienced significant growth in the fiscal year 2023-24, with considerable increases in exports during the first quarter. This positive trend in exports, coupled with a slight decline in imports, reflects the strength of the country’s economy. Rice exporters in Pakistan, particularly HAS Rice Pakistan, have played a vital role in driving export growth by supplying high-quality rice products to meet global demand. Their commitment to quality and competitive pricing has made Pakistan a preferred choice for rice importers worldwide.