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Tuesday, May 21, 2024

April’s Harvest: Food Exports Flourish with a Remarkable 23% Growth

In April, Pakistan's raw food exports experienced a remarkable growth of 23.19%, soaring from $463.07 million to $570.47 million compared to the same period last year.

Despite facing challenges such as soaring food prices domestically, the decision by the Ministry of Commerce to lift the ban on onion exports after Eid-ul-Fitr has contributed to this growth. This move, despite high onion prices in the local market, has allowed Pakistan to seize opportunities in the international market, driving up export figures.

Furthermore, the devaluation of the Pak rupee has played a significant role in boosting exports. A weaker currency makes Pakistani goods more competitive globally, stimulating demand for raw food products and fueling export growth.

However, this surge in exports has led to an increase in food inflation, which reached 11.3% in April, highlighting the need for careful management of export-driven growth to ensure domestic price stability.

Read more:Pakistan’s food exports earn $3.961 billion

Despite initial setbacks, such as a negative growth rate of 7.56% at the beginning of the fiscal year, Pakistan’s agricultural sector has rebounded impressively. Rice exports, particularly basmati rice, have seen a surge due to increased demand following restrictions on rice exports by India.

Meat exports have also witnessed robust growth, increasing by 24.37% to $430.74 million. This highlights the potential of Pakistan’s livestock sector to contribute significantly to export earnings.

Exports of other food products, including vegetables and fruits, have also seen substantial growth, signaling a broader diversification of Pakistan’s export base.

Read more:PASSCO MG & GM Suspended in Wheat Procurement Crisis

Conclusively, the surge in raw food exports in April is promising for Pakistan’s economy, sustaining this momentum will require addressing challenges like food inflation while seizing opportunities in the global agricultural trade landscape. Continued investment in agricultural infrastructure and technology will be essential to enhance productivity and ensure food security in the long term.