During the first half of the financial year, Pakistan encountered an almost 5 percent decrease in textile exports, adding up to a decrease of $430 million, as per information from the Pakistan Bureau of Statistics (PBS). Interestingly, rice exports expanded essentially by $710 million, or 76.5 percent, coming to $1.638 billion.
The information likewise demonstrated an unassuming recuperation in textile exports in December 2023, with a year-on-year increment of 3.3 percent, adding up to $1.4 billion. Rice exports saw a momentous surge during the month, expanding by 190.5 percent to $518.64 million.
Basmati rice exports in December expanded by 54.7 percent to $80.8 million, while other varieties' exports rose by 247% to $438 million. In the first half of the financial year, total basmati rice exports increased by 30% to $367.4 million, and other rice deals expanded by 96.9 percent to $1.27 billion. The surge in rice exports is ascribed to India's restriction on rice exports, prompting expanded foreign exchange earnings for Pakistan.
Notwithstanding, the local market has seen more than 100% expansion in staple prices, affecting the budgets of millions of Pakistanis. The PBS information likewise uncovered a month-on-month increment of 6.1 percent in textile exports from $1.318 billion in November 2023. The surge in rice exports is credited to India's prohibition on rice exports, prompting an eminent expansion in foreign exchange earnings for Pakistan. In any case, the local market has seen a spike of more than 100% in staple prices, affecting the budgets of millions of Pakistanis.
