Exports of meat and its products soared to a record $512 million in FY24, representing a 20 percent increase from the $426 million recorded in the previous fiscal year.
This remarkable growth is driven by a 24 percent surge in export volume, rising from 99,892 tonnes to 123,515 tonnes, fueled by strong international demand and competitive pricing following a significant devaluation of the rupee.
Azeem Akhundzada of Sherman Securities highlighted that despite the overall growth, the average meat price in the international market during FY24 fell by 3 percent to $4.1 per kg, down from $4.3 per kg the previous year.
The United Arab Emirates played a significant role in this price reduction, with export values to the UAE decreasing by approximately 2 percent, while prices in other regions remained relatively stable.
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