Pakistan's agricultural sector has achieved a significant milestone in the current financial year 2023-24, with rice exports soaring by 95.26% in the first seven months, as reported by the Pakistan Bureau of Statistics.
The country exported over 3.323 million metric tons of rice, valued at $2.115 billion, compared to 1.982 million tons worth $1.083 billion in the same period last year.
Notably, Basmati rice exports increased by 35.59%, with 398,764 metric tons worth $456.950 million shipped, up from last year's 320,751 metric tons at $337.008 million. Non-Basmati rice exports also saw a significant rise, with over 2.924 million metric tons valued at $1.658 billion exported, compared to 1.661 million metric tons worth $746.434 million last year.
The overall food group exports from Pakistan grew by 57.66%, reaching $4.267 billion, while food imports decreased by 21.09%, falling to $4.721 billion. The reduction in imports includes key commodities like wheat, soya bean oil, palm oil, and sugar.
Pakistan's total exports increased by 7.89% to $17.782 billion, and imports declined by 14.11%, leading to a trade deficit of $13.167 billion, a 32.66% improvement from last year. These figures highlight a robust performance in Pakistan's agricultural sector, contributing to the country's economic stability and reduced dependency on imports.
