Pakistan’s Food Exports Surge by 37% During 5 Months Of FY24

Pakistan’s Food Exports have crossed $2.64 billion during the first five months of FY2023-24, up 37 percent year-on-year (YoY) against $1.92 billion during the same period last year. According to the data published by the Pakistan Bureau of Statistics, food exports stood at $696 million, reporting a massive 60.6 percent YoY growth against $433 million during November 2022. On a month-on-month (MoM) basis, food exports increased by 4.8 percent against $663 million reported in October 2023. The substantial YoY rise can be attributed to rice exports which account for a major share of the food group exports. Data revealed rice exports clocked in at $1.12 billion during July-November FY24, posting a 49.3 percent YoY increase compared to $749 million in the same period last year. Non-Basmati rice which accounts for 74 percent of annual export earnings from rice, arrived at $832 million with a 60 percent YoY increase against $519 million during the same period last year while Basmati rice exports surged 24 percent YoY to $286 million during the period in review. Meat exports posted a double-digit growth of 21.8 percent YoY, generating $195.7 million during 5MFY24 against $160.6 million in SPLY primarily driven by the entry of Pakistani meat products in new markets and registration of several enterprises in Middle East and Central Asia. Fish exports reported a decline of 12.8 percent YoY during 5MFY24 and reached $161.8 million against $185 million in SPLY despite a volumetric uptick of 1,100 metric tons in total quantity exported. Fruit exports witnessed a 15.2 percent YoY growth, crossing $128 million during 5MFY24 against $111 million in 5MFY23 but vegetable exports suffered a 27 percent YoY decline and dropped to $88 million compared to $121.8 million in SPLY. Spice exports increased by 19.2 percent YoY to $45 million while exports of oilseeds, nuts, and kernals a reported massive 263 percent YoY increase and arrived at $350 million during the period in review.