In December, the export of raw food products witnessed a substantial increase of nearly 111.63%, leading to a surge in food inflation to 28.8% by the end of the month. The uncontrolled exports affected essential commodities, causing higher prices for wheat flour, rice, sugar, meat, and vegetables. The country’s raw food exports have been on the rise since October 2023, while manufacturing sector exports have remained stagnant. Food exports grew by 49.84% in the first half of fiscal year 2023-24, reaching $3.48 billion.
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The significant rise in food exports can be attributed to the unprecedented depreciation of the rupee, supply chain disruptions, and higher international prices, resulting in increased demand for food products. Basmati rice exports surged by 30.03%, reaching $367.39 million in July-December FY24, driven by India’s ban on rice exports. Non-basmati rice exports also rose by 96.88% to $1.64 billion during the same period. Meat exports grew by 24.90%, totaling $239.71 million in 6MFY24, with new markets like Jordan, Egypt, and Uzbekistan contributing to the increase.
Pakistan’s Agro and Food Product Exports Surge by 64% in July-December 2023-24
The export of fruits increased by 9.31%, reaching $171.28 million in the first half of FY24. Other food products’ exports also rose by 22.62%, amounting to $616.81 million in 6MFY24. However, fish and fish product exports experienced a decline of 11.63%, totaling $199.02 million in the same period. The surge in export figures has led to a notable increase in domestic meat and chicken prices over the past two years.
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