In the first two months of the current fiscal year, exports of raw food items increased by 42.39 percent as compared to the same period the previous year.
Data produced by the Pakistan Bureau of Statistics shows that the value of raw food exports increased to $1.01 billion in July and August from $710.65 million in the corresponding months of the previous year.
In FY24, the raw food exports touched $8bn, up from $5.8bn over the preceding year.
Due to supply and demand imbalances, food prices have increased for consumers nationally. The past 13 months have seen an increase in raw food exports despite the highest level of food inflation ever recorded.
Despite the average selling price of Rs160 per kg, the government has permitted the export of sugar.
Sugar exports in the first two months totaled 86,148 tonnes, up 160.26 percent from 6,146 tonnes in the same period the previous year. Afghanistan has been Millers' primary export market for sugar.
One of the main causes of the increase in food exports is rice. In the first two months of FY25, rice exports rose by 98.58 percent over the same period last year. Basmati rice had increases in both quantity and value of 136.19 percent and 103.63 percent, respectively.
Exports of rice, other than basmati, increased 95.16pc in value and 64.44pc in quantity in 2MFY25 over the last year.
This increase is ascribed to Pakistan's successful performance in the GCC, the EU, Africa, and ASEAN region in addition to the Minimum Export Price fix and improved adherence to sanitary and phytosanitary regulations.
Because of a consistent increase in export figures over the last two years, the average price of basmati rice has risen to Rs400 per kg from Rs150, limiting domestic demand.
Meat exports climbed by 2.43 percent in 2MFY25 compared to the same period in the previous year. The opening of new markets, the engagement of new enterprises in meat exports, and approvals for new slaughterhouses have all contributed to this expansion.
Meat costs in the domestic market have skyrocketed in recent years. In the last three years, the average price of buffalo meat has risen from Rs700 to Rs1,400. This growth has piqued the interest of industry analysts and stakeholders alike. Chicken prices have also skyrocketed, reaching their all-time highs in the past three years.
Exports of vegetables, particularly onions, increased by 56.73 percent in July-August FY25 compared to the previous year. Fruit exports climbed by 11.20 percent over the months under study.
During the review period, exports of fish and its products fell by 10.90 percent, followed by a drop of 9.63 percent in spices, 15.27 percent in oil seeds and nuts, and 100 percent in leguminous vegetable exports.
In contrast, food imports fell 18.15 percent to $1.06 billion in 2MFY25 from $1.30 billion in the previous months, owing to a decrease in the arrival of infant baby milk, soyabean oil, palm oil, sugar, and pulses.
However, the import of spices increased by 59pc and dried fruits 88pc, respectively.
The GSB Hub published this content on 16 Oct,2024.