Pakistan’s Food Exports Surge by 64% in First Half Of FY24

Pakistan’s food exports hit $3.84 billion during the first half of the current fiscal year (FY24), up 64 percent year-on-year (YoY) against $2.34 billion during the same period of FY23. According to a report in Dawn, the country’s rice exports clocked in at $1.64 billion during July-December FY24, posting a 96 percent YoY increase compared to $841 million in the same period last year. Meat exports posted 23 percent YoY growth, generating $239 million during 1HFY24 against $195 million in SPLY. Maize exports rose 3x to $262 million from $85 million in the same period of the previous fiscal year. Exports of animal/vegetable fats and oils fell to $15 million in July-December FY24 from $51 million in the first half of FY23. Meanwhile, sesame seed and ethyl alcohol exports increased by 273 percent and 497 percent, respectively. Sesame seed exports increased to $364 million while ethyl alcohol exports increased to $259 million during the half year. During the period under review, the country’s exports increased by 5 percent to $14.981 billion compared to the exports of $14.244 billion during the corresponding period last year. Imports declined by 16 percent to $26.129 billion compared to $31.209 billion last year.