Pakistan’s Food and Agriculture Exports Soar 64%, Surpassing $3.8 Billion in 6 Months
Contributing to a 64% Increase in Revenue, Agricultural and Food Product Exports Propel Economic Growth
In a notable economic upturn, the initial half of the current fiscal year has witnessed a substantial 64% surge in revenue generated from the export of agricultural and food products to international markets. This positive trajectory has played a pivotal role in bridging the gap between export earnings and import expenditures, resulting in a more balanced economic landscape for our country.
This encouraging trend has significantly impacted our nation’s financial outlook. The total income from the sale of agriculture and food items soared to an impressive $3.847 billion between July and December 2023-24. This marks a substantial increase compared to the corresponding period in the previous year, which recorded earnings at $2.345 billion. The boost in earnings is recognized as a substantial and advantageous development for our nation’s economy.
Throughout this timeframe, the overall export value, encompassing various commodities, rose by 5.17% to reach $14.98 billion. Concurrently, the import value, representing our purchases from other countries, saw a commendable decline of 16.28%, settling at $26.13 billion.
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This positive shift is indeed promising news, signifying that our country is not only increasing revenue from exports but also effectively curbing expenditures on imports. Consequently, this has contributed to a noteworthy reduction in the trade deficit, which decreased by 34.3% to $11.14 billion in the initial half.
Despite the upswing in the sale of agricultural and food products, data indicates that the prices of these items have not experienced a significant rise. Notably, the substantial growth in earnings came from the export of rice, nearly doubling in the initial six months.