Daily Times

The food exports from Pakistan increased by 37.12 per cent during the first five months of the current fiscal year compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

Food exports from July-November (2023-24) were recorded at $2,640.905mn compared to the exports of $1,925.969mn in July-November (2022-23), a surge of 37.12 per cent, according to the latest PBS data.

The food products that contributed to the positive growth in food trade included rice, the exports of which increased by 49.37 per cent, from $749.407mn last year to $1,119.406mn during the ongoing fiscal year.

Likewise, the exports of fruits increased by 15.27 per cent, from $111.160mn to $128.139mn; leguminous vegetables by 79.01 per cent, from $0.047mn last year to $0.084mn; and spices by 19.21 per cent, from $37.898mn to $45.179mn. The exports of oil seeds, nuts and kernels increased by 263.82 per cent, from $226.47mn to $350.378mn; sugar by 100 per cent, from zero exports to $21.070mn; meat and meat preparations by 21.81 per cent, from $160.657mn to $195.701mn.

The food products that witnessed negative growth in the trade included fish and fish preparations, the exports of which declined by 12.87 per cent, from $185.802mn to $161.896mn, vegetables by 27.15 per cent, from $121.800mn to $88.728mn and tobacco by 31.23mn, from $24.357mn to $16.750mn.

According to PBS data, the exports of all other food items increased from $438.537mn to $513.574mn, an increase of 17.11 per cent.

Meanwhile, on a year-on-year basis, the food exports during November 2023 increased by 60.65 per cent to $696.183mn compared to exports of $433.365mn, showing a growth of 60.65 per cent.

On a month-on-month basis, the food exports increased by 4.85 per cent in November 2023 compared to the exports of $663.984mn in October 2023.

It is pertinent to mention here that the country’s merchandise trade deficit contracted by 33.59 per cent during the first five months of the current fiscal year compared to the corresponding period of last year. The trade deficit from July to November (2023-24) was recorded at $9.378bn against the deficit of $14.122bn in July to November (2022-23), showing a negative growth of 33.59 per cent.

During the period under review, the exports increased by 1.93 per cent to $12.172bn compared to the exports of $11.942bn during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 17.32 per cent and were recorded at $21.550bn compared to $26.064bn last year.