First-Quarter Rice Exports Demonstrate 0.98% Growth
Published on: October 28, 2023.
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The rice export industry in Pakistan has shown positive growth in the first quarter of the current financial year. According to data released by the Pakistan Bureau of Statistics, rice exports during the period from July to September 2023 reached 559,557 metric tons, with a total value of $406.387 million.
This marks a 0.98 percent increase in export volume compared to the same period in the previous year. In the corresponding period of the previous year, 724,082 metric tons of rice, valued at $402.461 million, were exported. The growth in rice exports is a commendable achievement for the country.
Growth in Basmati Rice Exports
During the past three months, Basmati rice exports have shown a significant growth of 20.48 percent. A total of 134,839 metric tons of Basmati rice, valued at $131.611 million, were exported. This is an increase from the 130,054 metric tons exported in the same period of the previous year, which had a value of $131.611 million.
The increase in Basmati rice exports is a positive development for the rice industry in Pakistan. Basmati rice is a popular variety known for its aromatic flavor and long grains, and its exports contribute to the country’s economic growth.
Growth in Food Group Exports
In addition to rice, the overall food group exports of Pakistan have also shown growth in the first quarter of the financial year 2023-24. Food commodities worth $1.280 billion were exported, compared to $1.077 billion in the same period last year, representing an increase of 18.88 percent.
The exports of fish and fish preparations have increased by 3.75 percent, with 37,803 metric tons of fish and fish products being exported, amounting to $83.064 million. The country also earned $88.668 million from the export of approximately 155,776 metric tons of fruits, which is an increase from the exports of 105,950 metric tons of fruits valued at $78.867 million in the same period last year.
Additionally, exports of leguminous vegetables (pulses) have increased by 80.08 percent. Over 96 metric tons of leguminous vegetables, valued at $84,000, were exported, compared to 48 metric tons valued at $47,000 in the same period last year.
Decrease in Food Group Imports
In contrast to the growth in food group exports, food group imports into Pakistan have decreased by 32.00 percent. During the first quarter of the current financial year, food commodities costing $1.85 billion were imported, compared to $2.723 billion in the same period of the previous year.
This decrease in imports is a favorable trend for the country, as it positively impacts the balance of trade and strengthens the economy.
In conclusion, the rice export industry in Pakistan has demonstrated growth in the first quarter of the current financial year. With increased exports of Basmati rice and overall growth in the food group exports, the country’s economy is benefiting from the abundance of agricultural produce.
Source: Nation.com.pk
