Rice exports, a pivotal component of Pakistan’s agricultural trade, exhibited an outstanding performance by reaching $1.64 billion during July-December FY24.
Pakistan’s food exports have soared to $3.84 billion during the initial half of the current fiscal year (FY24), marking an impressive 64 percent year-on-year (YoY) growth compared to the same period in FY23 when exports stood at $2.34 billion. This robust performance is emblematic of the country’s burgeoning agricultural sector, which has become a key player in the global market.
Rice exports, a pivotal component of Pakistan’s agricultural trade, exhibited an outstanding performance by reaching $1.64 billion during July-December FY24. This represents a staggering 96 percent YoY increase compared to the corresponding period last year, where the figure was at $841 million. The surge in rice exports underscores Pakistan’s prowess in meeting international demand for this staple grain.
Meat exports, another significant contributor to the country’s economic growth, experienced a commendable 23 percent YoY growth, generating $239 million in the first half of FY24, up from $195 million in the same period last year. Additionally, maize exports witnessed an extraordinary threefold increase, rising to $262 million from $85 million in the previous fiscal year.
However, not all sectors experienced growth, as exports of animal/vegetable fats and oils saw a decline to $15 million in July-December FY24, down from $51 million in the first half of FY23. Despite this dip, the overall positive trend in the agricultural sector mitigated the impact on the nation’s export earnings.
Sesame seed and ethyl alcohol emerged as unexpected stars in the export arena, with remarkable increases of 273 percent and 497 percent, respectively. Sesame seed exports surged to $364 million, while ethyl alcohol exports reached $259 million during the first half of the fiscal year. These outstanding performances in niche markets demonstrate Pakistan’s diversified export portfolio and its ability to tap into emerging global trends.
The broader economic landscape also showed positive signs, with the country’s overall exports increasing by 5 percent to $14.981 billion during the reviewed period, compared to $14.244 billion in the same period last year.
In a corresponding development, imports witnessed a notable decline, falling by 16 percent to $26.129 billion from $31.209 billion last year. This trade balance reflects a favorable position for Pakistan in the global market, highlighting the resilience and adaptability of its economy.
As Pakistan’s agricultural sector continues to thrive, these export figures underscore the nation’s potential as a major player in the global food trade, contributing significantly to its economic growth and stability. The diverse range of exported products signals a promising trajectory for the remainder of FY24, setting the stage for a prosperous year ahead.