Exports of food items rise by 41.6% MoM owing to falling food prices

January 17, 2019 (MLN): Pakistan is an agro based economy whose major source of export earnings come from either the textile sector or the food sector. Food exports from Pakistan registered 9.64 percent growth during the month of December 2018, against the exports of the same period last year.

According to the latest data issued by Pakistan Bureau of Statistics (PBS), food exports from the country were recorded at 482.3 million dollars in the month of December 2018 against the exports of 341.9 million dollars during November 2018, showing a substantial growth of 41.06 percent driven by falling food prices.

The commodities that contributed in overall food trade from the country included rice exports, which grew by 23.8 percent MoM, and 8 percent from $198.8 million last year to $214.7 million in the month of December 2018. Among rice commodities, the exports of basmati rice increased by 43.58 percent MoM and 47 percent YoY, while other rice commodities increased by 18.43 percent MoM, contrary to 0.84 percent decline YoY.

The exports of fish and fish preparations from the country during the period under review also increased by 13.54 percent by growing from $ 34.2 million last year to $38.8 billion this year, while the exports of vegetables rose by 30.4 percent by growing from $18 million last year to $23.6 million this year.

Similarly, fruits exports surged by 246.9 percent MoM and 25.4 percent YoY.

During the period under review, the tobacco exports from the country increased from $6.4 billion last year to $8 billion this year, showing a growth of 23.7 percent while the wheat exports witnessed an increase of 100 percent by going up from zero exports to $831 thousands this year.

Exports of oil, seeds, nuts and kernals increased by 233.2% YoY contrary to a decline of 18.36 percent MoM from $16.6 million to $13.6 million, while exports of spices and meat and meat preparations also increased by 0.98 percent and 26.03 percent YoY respectively.

Meanwhile, the exports of sugar witnessed a decline of 63.34 percent from $52.7 million last year to $ 19.3 million, however, it increased by 100 percent from zero exports last month.

Other than these commodities, the exports of all other food products also witnessed a jump of 42.7 percent by increasing from $44.6 million last year to $63.7 million during the period under study.

Copyright Mettis Link News