Karachi: Pakistan has witnessed a notable increase in food exports, thanks to the collaboration with the International Finance Corporation (IFC). The fiscal year 2024-25 has begun with a 45% increase in food exports, while imports have seen an 18% decrease.
According to Pakistan Bureau of Statistics, food exports in July amounted to $475.7 million, marking a record rise in this sector. Rice led the exports with an astonishing 135% increase, while sugar exports saw a remarkable 590% growth.
Vegetable exports doubled, and fruit exports exceeded $40 million, reflecting a 13% increase. Additionally, exports of sesame seeds and nuts saw a notable 94% rise. Fish exports increased by 0.5%, and the meat industry contributed approximately $37 million with a 6% increase.
This significant rise in exports demonstrates growing confidence in Pakistan’s agricultural sector in international markets. The increase is a positive indicator of the sector’s progress and its impact on the country’s economy.
On the other hand, food imports in July 2024 decreased by 18%, dropping from $624 million in July of the previous year to $510 million. Notably, imports of milk, tea, soybean oil, and palm oil decreased by up to 93%, which is a favorable development for the national economy.
The continuous advancement in the agricultural sector facilitated by IFC’s support is beneficial for Pakistan’s economy. The reduced imports and increased exports highlight a strengthening of the domestic agricultural industry, contributing positively to the overall economic landscape.
In summary, July’s trade data reflects a strong performance by Pakistan’s agricultural sector, with significant increases in food exports and a decrease in imports. This progress underscores the positive impact of strategic support and highlights the growing confidence in Pakistan’s agricultural products in the global market.
