The country experienced a boost in agriculture and food exports, recording 64% increase in the first half of the current fiscal year (July-December 2023-24).
Official data reveals that total exports in this sector reached $3.847 billion, a substantial rise from $2.345 billion during the same period in the previous year.
This surge played a pivotal role in narrowing the trade deficit, which decreased by 34.3% to $11.14 billion in the first half of the fiscal year.
The overall merchandise exports grew by 5.17%, totaling $14.98 billion, while imports saw a decline of 16.28%, dropping to $26.13 billion from $31.21 billion in the corresponding period last year.
According to data, rice emerged as a significant contributor to this growth, with exports almost doubling to $1.64 billion, marking a 96% increase compared to the same period last year.
Exporters are optimistic that rice exports may surpass the $3 billion mark by the end of the fiscal year, projecting even greater potential if the government supports cultivation and explores new markets.
Despite the substantial increase in quantity, agri-food exports did not witness a proportionate surge in prices. Notably, Vietnam and Bangladesh continue to outpace Pakistan in terms of rice exports, despite the latter’s good quality produce.
Other noteworthy increases in exports include maize, which more than tripled to $262 million, and significant jumps in the exports of sesame seeds (273% increase) and ethyl alcohol (497% increase). Maize exports surged from $85 million to $262 million, while sesame seed exports reached $364 million compared to $98 million in the previous year. Similarly, ethyl alcohol exports rose to $259 million from $43 million.
Meat exports also witnessed a healthy growth of 23%, reaching $239 million during July-December 2023-24, compared to $195 million in the same period last year.
This surge in agricultural and food exports underscores the sector’s crucial role in the country’s economic landscape, contributing substantially to export earnings and trade balance improvements.
On the contrary, exports of animal and vegetable fats and oils plummet to $15 million from $51 million in the first half of FY23.
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