Rice exports from Pakistan surged significantly during the initial seven months of the current financial year, marking a notable growth of 95.26% compared to the corresponding period of the previous year. According to recent data released by the Pakistan Bureau of Statistics (PBS), from July to January 2023-24, 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.
The exports of Basmati Rice also experienced a substantial increase of 35.59%, with 398,764 metric tons of the commodity exported, valued at $456.950 million. This is compared to 320,751 metric tons worth $337.008 million exported during the same period last year. Additionally, over 2.924 million metric tons of non-Basmati rice, valued at $1.658 million, were exported during the first seven months, compared to 1.661 million metric tons worth $746.434 million in the same period last year.
Furthermore, the overall food group exports from Pakistan saw a robust growth of 57.66%, with various food commodities valued at $4.267 billion exported during this period, compared to $2.706 million in the same period last year. In contrast, food group imports into the country decreased by 21.09%, totaling $4.721 billion during the first seven months of the current financial year, down from $5.983 billion in the same period last year.
The decline in food imports can be attributed to decreases in the imports of commodities such as wheat (down by 28.81%), soya bean oil (down by 48.85%), palm oil (down by 34.13%), and sugar (down by 42.75%) respectively.
Overall, Pakistan’s exports during the first seven months of the fiscal year 2023-24 showed a positive trend, increasing by 7.89% compared to the corresponding period of the previous year. Exports reached $17.782 billion during July-January 2023-24, compared to $16.481 billion in the same period last year. Meanwhile, imports into the country decreased by 14.11%, totaling $30.949 billion compared to $36.034 billion last year. As a result, the trade deficit during this period recorded a significant decline of 32.66%, reaching $13.167 billion against $19.553 billion last year.
