Pakistan Raw Food Exports Total $4.6 Billion, Led by Rice Growth
Pakistan’s raw food exports rose 8.17% to $4.62 billion in the first seven months of the current fiscal year compared to $4.26 billion in the same period last year. The growth is primarily attributed to a sharp increase in rice exports, which has contributed to an overall growth in the food export industry.
Exports have been increasing for 18 months in a row, even with record food inflation in the nation. Consequently, food prices have increased, leading to increased costs for consumers in Pakistan due to supply and demand.
Rice Export Growth
Based on statistics from the Pakistan Bureau of Statistics, rice exports have been at the forefront of this growth. Rice exports during the first seven months of the current fiscal year increased by 3.73% to $2.19 billion compared to $2.12 billion in the corresponding period last year.
Basmati rice exports increased by 22.04% in terms of quantity to 487,221 tonnes and by 11.98% in value to $511.59 million.
Exports of non-basmati rice also increased by 1.46% in terms of value to $1.68 billion and by 7.72% in terms of quantity to 3.15 million tonnes.
New markets, including Bangladesh, are contributing to the growth of Pakistan’s rice exports, again showing the growth potential of this industry. The European Union (EU) and the United Kingdom (UK) are also significant markets for Pakistani rice.
Price Surge Impact
Because the rice export has consistently been on the rise, the basmati rice price in Pakistan has gone up tremendously. The cost has risen from Rs150 per kg to Rs400 per kg within the past two years, thus becoming more difficult for local consumers to access.
Sugar, Meat, and Other Exports
• Other food exports have also recorded expansion:
Sugar exports have gone up dramatically by 2188% to 757,597 tonnes, most of which have been exported to Afghanistan. This has also contributed to higher prices of sugar in Pakistan.
Exports of meat rose by 2.60% during the first seven months of the current fiscal year due to new markets opening and more slaughterhouses getting approval. Nonetheless, the price of meat, buffalo, and chicken has doubled in recent years.
Conversely, some of the exports have been challenging:
Vegetable exports declined by 18.14%, primarily because of a fall in onions, potatoes, and tomatoes exports.
Fruit exports remained down by 0.24%.
Exports of fish grew very slightly at 1.25%.
Despite the challenges in some sectors, the overall increase in raw food exports speaks volumes about the strength and potential of Pakistan’s food export industry.
