Rice exports surge by 95.26%

ISLAMABAD:

Rice exports from Pakistan surged during the first seven months of the current financial year, growing by 95.26% compared to the same period last year. According to data from the Pakistan Bureau of Statistics, from July to January 2023-24, over 3.323 million metric tonnes of rice worth $2.115 billion were exported, compared to 1.982 million tonnes valued at $1.083 billion in the corresponding period of the previous year.

Basmati rice exports saw a notable increase of 35.59%, with 398,764 metric tonnes worth $456.950 million exported, compared to 320,751 metric tonnes valued at $337.008 million last year. Meanwhile, exports of non-Basmati rice reached over 2.924 million metric tonnes valued at $1.658 billion, compared to 1.661 million metric tonnes worth $746.434 million in the same period last year.

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Overall food group exports also experienced significant growth, rising by 57.66% to $4.267 billion. Conversely, food imports decreased by 21.09%, totalling $4.721 billion during the first seven months of the current fiscal year, down from $5.983 billion in the same period last year. Imports of commodities such as wheat, soya bean oil, palm oil, and sugar notably declined by 28.81%, 48.85%, 34.13%, and 42.75% respectively.

The data reveals that Pakistan’s exports during July-January 2023-24 amounted to $17.782 billion, marking a 7.89% increase compared to the corresponding period last year. In contrast, imports decreased by 14.11% to $30.949 billion, resulting in a trade deficit of $13.167 billion for the first seven months of the current fiscal year, showing a significant decline of 32.66% from last year’s deficit of $19.553 billion.

Published in The Express Tribune, February 20^th, 2024.

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