Pakistan’s food exports have surged to $2.64 billion in the first five months of FY2023-24, marking a significant 37% year-on-year increase from $1.92 billion in the corresponding period last year.
November 2022 witnessed a remarkable 60.6% year-on-year growth, with food exports totaling $696 million, showing a 4.8% month-on-month increase from October 2023’s $663 million.
The substantial year-on-year rise is attributed to robust rice exports, contributing significantly to overall food group exports. Rice exports reached $1.12 billion during July-November FY24, reflecting a substantial 49.3% year-on-year increase from $749 million in the same period last year.
Non-Basmati rice, constituting 74% of annual export earnings from rice, amounted to $832 million, exhibiting a substantial 60% year-on-year increase. Basmati rice exports also surged by 24% year-on-year to $286 million during the reviewed period.
Meat exports demonstrated double-digit growth, registering a 21.8% year-on-year increase to $195.7 million during 5MFY24, primarily driven by the entry of Pakistani meat products into new markets and the registration of several enterprises in the Middle East and Central Asia.
However, fish exports experienced a 12.8% year-on-year decline, reaching $161.8 million in 5MFY24, despite a volumetric uptick of 1,100 metric tons in total quantity exported.
Fruit exports showcased a positive trend, witnessing a 15.2% year-on-year growth to surpass $128 million during 5MFY24, compared to $111 million in 5MFY23. Conversely, vegetable exports faced a 27% year-on-year decline, dropping to $88 million from $121.8 million in the same period last year.
Spice exports marked a 19.2% year-on-year increase, reaching $45 million, while exports of oilseeds, nuts, and kernels reported a substantial 263% year-on-year surge, totaling $350 million during the reviewed period.
