Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

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Sugar exports during July – Feb FY 18 reach record highs

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Agriculture is the backbone of economy, and it can play a significant role in expansion of exports for Pakistan in global trade. Agriculture contributes more than 18 percent of total Gross Domestic Product output in the last year. Agricultural Sector growth during 2017 also witnessed highest jump in last 15 years with year on year growth of 3.46 percent.

Private Sector Credit in the Agriculture sector has also been rising at a healthy pace, and higher than expected output in the sector has resulted in an increase in exports from the Food Group.

Amount exceeding $ 306 billion were loaned to agriculture related businesses during the year 2017.

Sugar exports during the first eight months of fiscal year 2018 have broken all records from the previous fifteen years as they clocked in at $ 761.254 million, up by 3078 percent from same period last year.

Average monthly sugar exports during the past fifteen years has been at $10.503 million.

However, Sugar exports during the month of February reached $ 51.587 million more than $40 million above average, with total quantity exported at 150.484 thousand tons during the said month. In a year on year comparison, sugar exports went up by 487.95 percent during February, against the total exports of $ 8.774 million in Feb 2017. Average sugar exports during the last three months are at $ 64.95 million.

Sugar recorded one of the highest growth in exports from food sector during the current fiscal year, and is expected to post further growth in the remaining four months of current fiscal year.

According to data released by the Pakistan Bureau of Statistics, wheat exports also jumped by more than 1200 percent during the current fiscal year (July – Feb, 2018). Total Wheat exports during the first eight months of fiscal year 18 clocked in at $ 15.577 million up by 1200.62 percent from the same period last year.

In other food group items, a declining trend of exports in Meat and Meat Production subgroup can be seen during last five years. Despite a healthy local market and vast global opportunities, local meat manufacturers have not been able to increase their share in global meat markets. Meat and Meat preparations’ total exports during the current fiscal year fell by 9.34 percent; clocking in at $ 127.646 million.

*Meat and Meat Preparations, MG Link

Posted on: 2018-04-03T12:04:00+05:00