Pakistan’s seafood exports drop by 12.87%

WEB DESK: Pakistan’s fish and fish preparations export sector recorded a revenue of $161.896 million, shipping 72,515 metric tonnes during the initial five months of the current fiscal year, as reported by the Pakistan Bureau of Statistics (PBS).

Contrasting with the $185.802 million exports in July-November (2022–23), the fish exports experienced a 12.87 per cent decline in July–November (2023–24), according to PBS data.

In terms of quantity, however, there was a positive trend, with exports increasing by 1.54 per cent compared to the 71,415 metric tonnes recorded in the last fiscal year.

On a year-on-year basis, seafood exports witnessed a notable decrease of 25.75 per cent, amounting to $38.035 million in November 2023 compared to $51.224 million in November 2022.

The quantity of exports also declined by 12.07 per cent, dropping from 20,542 metric tonnes in the previous year to 18,064 metric tonnes this year.

Analysing the data on a month-on-month basis, seafood exports showed a 6.77 per cent decline from $40.797 million in October, according to PBS data.

However, in terms of quantity, fish exports saw an 8.5 per cent increase in November, reaching 18,064 metric tonnes compared to 16,648 metric tonnes in October.

In a broader context, Pakistan’s overall food group exports exhibited significant growth, surging by 37.12 per cent during the first five months of the current fiscal year compared to the same period last year.

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According to the latest PBS data, food exports from July to November (2023–24) reached $2,640.905 million, a notable increase from $1,925.969 million in the corresponding period of the previous fiscal year.

It is noteworthy that the country’s merchandise trade deficit saw a contraction of 33.59 per cent during the initial five months of the current fiscal year, indicating a positive economic trend.

The trade deficit for July–November (2023–24) stood at $9.378 billion, a significant decrease from the $14.122 billion deficit recorded in the same period of the previous fiscal year.

Examining the components of trade, exports during this period registered a 1.93 per cent increase, reaching $12.172 billion compared to $11.942 billion in the corresponding period of the last fiscal year, as per the latest PBS data.

In contrast, imports showed a substantial decline of 17.32 per cent, totaling $21.550 billion, down from $26.064 billion last year. This data indicates a positive trade balance, reflecting favourably on Pakistan’s economic landscape.