Daily Times

Pakistan exported food products worth $329.156 million during the first month of current fiscal year (July), Pakistan Bureau of Statistics reported. As compared to the exports of $356.073 million during July 2022, the exports in July 2023 depicted decline of 7.56 percent, according to latest PBS data.

On month on month basis, the exports during July 2023 decreased by 8.81 percent compared to the exports of $360.961 million in June 2023. The food products that contributed in the negative growth of trade included rice, the exports of which declined by 15.78 percent, from $360.961 million last July to $117.101 million in July 2023.

Likewise, the exports of vegetables declined by 67.20 percent by going down from $44.396 million last year to $14.564 million this year and tobacco the exports of which decrease by 58.35 percent, from $4.917 million to $2.048 million. The food items that witnessed positive growth included fish and fish preparations, the exports of which increased by 2.2 percent by going up from $18.572 million to $18.980 million whereas the exports of fruits increased by 4.61 percent, from $34.171 million to $35.746 million.

Similarly, the exports of spices increased by 20.53 percent by going up from $5.482 million to $6.607 million, oil seeds, nuts and kenerals by 173.56 percent, from $1.099 million to $3.007 million, meat and meat preparations by 37.22 percent, from $25.409 million to $34.866 million whereas the exports of all other food items increased by Rs11.80 million by going up from $82.979 million to $92.771 million. It is pertinent to mention here that the trade deficit witnessed a decline of 41.16 percent during the first month of the current fiscal year (2023-24) as compared to the corresponding month of last year. The trade deficit during the month under review was recorded at $1.607 billion against the deficit of $2.731 billion in July 2022, a decline of 41.16 percent. The exports during the month were recorded at $2.057 billion against $2.250 billion last year, showing a decline of 8.57 percent.

On the other hand, the imports witnessed a sharp decline of 26.44 percent by falling from $4.981 billion last year to $3.664 billion during July 2023.