Islamabad, October 25, 2023 (PAKONOMY): In a promising sign for Pakistan’s agricultural sector, the country’s rice exports exhibited a growth of 0.98% during the first quarter of the ongoing financial year. This growth is particularly noteworthy given the economic challenges of recent times, demonstrating resilience in the agricultural export industry. The Pakistan Bureau of Statistics recently released data revealing key insights into the country’s export performance.
Rice Exports on the Rise
During the period from July to September 2023, Pakistan’s rice exports recorded a positive growth rate of 0.98% when compared to the same period in the previous year. These exports reached a total of 559,557 metric tons, with a combined value of $406.387 million.
Basmati Rice’s Remarkable Surge
One of the highlights of the report is the surge in Basmati rice exports. This fragrant and high-quality rice variety exhibited remarkable growth of 20.48% during the first quarter of the financial year. Pakistan exported 134,839 metric tons of Basmati rice, valued at $131.611 million, indicating a significant increase compared to the previous year’s exports.
Other Rice Exports
However, exports of rice other than Basmati saw a decrease, with 460,718 metric tons worth $247.817 million being exported during the same period. This is a decline from 594,028 metric tons valued at $270.851 million in the previous year.
Broad Growth in Food Exports
Beyond rice, the broader food group exports also experienced substantial growth during the first quarter of the financial year, increasing by 18.88%. The total value of food commodities exported amounted to $1.280 billion, a notable improvement compared to the previous year’s $1.077 billion.
Diverse Export Categories
The data reveals a diverse range of export categories experiencing positive trends. The export of fish and fish preparations increased by 3.75%, with 37,803 metric tons of these products being exported, amounting to $83.064 million.
Additionally, Pakistan earned $88.668 million by exporting around 155,776 metric tons of fruits, marking a significant growth from the 105,950 metric tons exported during the same period in the previous year.
Furthermore, the export of leguminous vegetables (pulses) showed a remarkable increase of 80.08%. During the first quarter, over 96 metric tons of pulses were exported, valued at $84,000.
Decline in Food Imports
While exports are on the rise, the report also highlights a 32.00% decrease in food group imports into the country during the first quarter of the current financial year. The value of food commodities imported was $1.85 billion, which is notably less than the $2.723 billion imported during the same period in the previous year.
Conclusion:
The data provided by the Pakistan Bureau of Statistics paints a positive picture for Pakistan’s agricultural exports, with rice, in particular, exhibiting resilience and growth. The surge in Basmati rice exports and the overall growth in food group exports are indicative of a sector that continues to contribute to the country’s economy, even in the face of economic challenges. This report bodes well for Pakistan’s agricultural and export sectors as they continue to make a significant impact on the nation’s economy.