Tag: global trade

  • Pakistan’s exports surge by 8.93% to Rs22.91 billion

    Pakistan’s exports surge by 8.93% to Rs22.91 billion

    Pakistan’s export sector has shown a notable surge, with an 8.93 per cent increase recorded in the initial nine months of the current fiscal year (2023–24) compared to the corresponding period in the previous year.

    Data released by the Pakistan Bureau of Statistics (PBS) indicates that exports soared to $22.914 billion from July to March (2023–24), marking a significant rise from the $21.036 billion recorded during the same timeframe in 2022–2023.

    Conversely, imports experienced a decline of 8.65 per cent, dropping to $39.944 billion from $43.724 billion in the previous year.

    This resulted in a notable improvement in the trade deficit, which amounted to $17.030 billion for the first nine months of the current fiscal year, showcasing a substantial decrease of 24.94 per cent from the $22.688 billion recorded during the corresponding period last year.

    Analyzing the performance for March 2024 against March 2023, exports registered a notable uptick of 7.99 per cent on an annual basis, climbing from $2.366 billion to $2.555 billion.

    Conversely, imports surged by 25.86 per cent, reaching $4.726 billion compared to $3.755 billion in March 2023.

    In terms of month-to-month performance, while exports in March 2024 experienced a marginal decline of 1.08 per cent from February 2024’s $2.583 billion, imports demonstrated a noteworthy increase of 9.25 per cent from the $4.326 billion recorded in February 2024, as per PBS data.

    Pakistan, exports, trade deficit, fiscal year 2023–24, economic growth, Pakistan Bureau of Statistics, imports, March 2024, global trade, commerce, trade statistics,

  • Russian market reopens for Pakistani rice: 15 mills get export approval

    Russian market reopens for Pakistani rice: 15 mills get export approval

    In a significant development for Pakistan’s rice industry, the Department of Plant Protection (DPP) of the Ministry of National Food Security and Research has registered 15 rice establishments for exports to the Russian Federation. This announcement comes as a ray of hope amid a declining trend in rice exports during the outgoing fiscal year.

    The recommendation of these establishments to the Russian Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) follows a thorough technical audit conducted by the DPP. The successful registration has been hailed as a significant achievement by the food ministry, highlighting its potential to boost exports and contribute to the overall economy of the country.

    In the past, Russia had restricted imports of rice from Pakistan due to concerns over pest interception. However, in 2021, the ban was lifted, allowing only four mills that had met the required quality standards to export rice to Russia.

    Recognising the need to capitalise on this opportunity, the DPP, in collaboration with the Rice Exporters Association of Pakistan (REAP), took proactive measures to upgrade 15 additional mills, ensuring compliance with the sanitary and phytosanitary (SPS) requirements set by Russia for rice exports.

    With the registration of these establishments, the total number of rice companies eligible to export to Russia has now risen to 19. This development is particularly significant for rice farmers, primarily located in Punjab and Sindh, as they heavily rely on these exports as a primary source of income.

    Beyond the immediate benefits to rice farmers, this achievement sets a positive precedent for Pakistan’s agrarian economy, opening doors to enhance exports in other domains by improving quality standards to meet global market demands. The agreement with Russia acts as a gateway for potential rice exports to international markets.

    Building on this success, efforts are underway to bring more rice processing facilities in line with international standards, with the aim of securing a substantial share in high-end export markets across Asia, Europe, the United States, and Australia.

    The recent decline in Pakistan’s basmati rice exports, which contracted to 541,492 tonnes ($588m) in 11MFY23 from 695,564 tonnes ($632m) in the corresponding period of the previous fiscal year, has underscored the importance of revitalising the sector.

    However, foreign sales of other rice varieties have remained strong, totaling $1.4bn with shipments of 2.964 million tonnes in July-May FY23, albeit slightly lower than the $1.6bn (3.816 million tonnes) recorded during the same period last year.

    As Pakistan’s rice industry finds new avenues for growth, there is renewed optimism among farmers, exporters, and policymakers regarding the sector’s potential to contribute significantly to the country’s economic recovery.

    By tapping into international markets, enhancing quality standards, and diversifying export destinations, Pakistan aims to strengthen its position as a leading player in the global rice trade and capitalise on its status as an agrarian economy.