KARACHI, September 17, 2024 – Pakistan’s food exports witnessed an extraordinary 42% growth during the first two months of fiscal year 2024-25, according to data released by the Pakistan Bureau of Statistics (PBS). Food group exports reached a remarkable $1.01 billion from July to August 2024, compared to $711 million in the same period last year.
The surge was driven largely by a sharp rise in rice exports, which skyrocketed by 98.58%. Pakistan exported $465 million worth of rice in the first two months of FY25, compared to $234 million in the corresponding period of FY24, making rice the leading contributor to the food export sector.
Basmati Rice Takes the Lead
Within the rice category, Basmati rice, a premium variety, posted a substantial increase in exports, growing by 104%. Basmati rice exports reached $193 million during July – August 2024, up from $95 million in the same period of the previous fiscal year. This reflects both the increasing global demand for Pakistani rice and favorable export conditions.
Strong Growth in Other Food Exports
Other key contributors to the overall growth in food exports were vegetables, sugar, and tobacco products.
• Vegetables: Exports saw a 56.73% rise, reaching $51 million in the first two months of FY25, compared to $33 million in the same period last year. The surge can be attributed to increased demand from regional markets.
• Sugar: Pakistan’s sugar exports surged by a staggering 149%, rising to $52.48 million, up from $21 million during the same months of the previous fiscal year. Improved production levels and favorable export policies have played a significant role in this increase.
• Tobacco Products: Surprisingly, tobacco product exports registered an astounding 291% growth, reaching $20 million, compared to $5.11 million in the previous fiscal year. This unexpected growth has been linked to increasing demand from international markets, particularly in the Middle East.
Decline in Fish Exports
While most food categories experienced significant growth, fish exports recorded an 11% decline. Fish and seafood exports dropped to $35 million during July – August FY25, compared to $39.4 million in the same period last year. Industry experts have attributed this decline to a temporary drop in fishing yields and shifting market preferences.
Outlook for FY25
Pakistan’s food exports have started FY25 on a high note, reflecting the country’s strong agricultural base and competitive pricing in global markets. With continued government support, particularly for rice and sugar sectors, and expanding export markets, the trend is expected to sustain in the coming months.