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Surge of 37% in Pakistan’s Food Exports in the First 5 Months of FY24

Pakistan’s food exports have experienced a remarkable 37% surge in the first five months of FY24, driven by substantial growth in rice, meat, and spice exports. Discover the key factors behind this significant increase in international food trade.

Surge of 37% in Pakistan's Food Exports in the First 5 Months of FY24

During the first five months of the financial year 2023-24, Pakistan earned more than $2.64 billion by selling food to other countries. This is a 37 percent increase compared to the same time last year when they earned $1.92 billion.

The Pakistan Bureau of Statistics shared this information, stating that in November 2022 alone, food exports were $696 million, which is a huge 60.6 percent increase from $433 million in November 2021. Compared to October 2023, there was also a 4.8 percent increase in food exports.

The main reason for this significant increase is the export of rice, which makes up a large part of the food exports. From July to November in the financial year 2023-24, rice exports were $1.12 billion, a 49.3 percent increase from $749 million in the same period the previous year.

Non-Basmati rice, which makes up 74 percent of the yearly earnings from rice exports, reached $832 million, showing a 60 percent increase from $519 million in the same period last year. Basmati rice exports also increased by 24 percent to $286 million.

Meat exports grew by 21.8 percent, reaching $195.7 million in the first five months of the financial year 2023-24, compared to $160.6 million in the same period last year. This growth was mainly due to Pakistani meat products entering new markets and the registration of several businesses in the Middle East and Central Asia.

On the other hand, fish exports decreased by 12.8 percent to $161.8 million, despite exporting more quantity. Fruit exports increased by 15.2 percent, reaching $128 million, while vegetable exports decreased by 27 percent to $88 million.

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Spice exports went up by 19.2 percent to $45 million, and the exports of oilseeds, nuts, and kernels saw a massive 263 percent increase, totaling $350 million during the reviewed period.

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