Spice exports from Pakistan increase by more than 19%

ISLAMABAD: The exports of spices from Pakistan have experienced a notable uptick, marking a substantial increase of 19.21 per cent during the initial five months of the fiscal year 2023–24.

This surge is in stark contrast to the corresponding period in the previous fiscal year.

According to data released by the Pakistan Bureau of Statistics (PBS), the spice exports for the period of July to November in the fiscal year 2023–24 amounted to US $45.179 million, a significant rise from the US $37.898 million recorded during the same period in 2022–23.

In addition to the impressive monetary growth, the quantity of spice exports also witnessed a remarkable surge, escalating by 82 per cent.

The data indicates a rise from 8,478 metric tonnes in the previous year to 15,431 metric tonnes during the current fiscal year.

Analysing the data on a year-on-year basis, November 2023 exhibited a 4.29 per cent increase in spice exports compared to the same month in the previous year.

The spice exports for November 2023 stood at US $10.428 million, contrasting with US $9.999 million in November 2022.

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However, a closer look at the month-on-month data reveals a 5.13 per cent decrease in spice exports during November 2023 when compared to the preceding month, October 2023.

The PBS data disclosed that exports amounted to US $10.428 million in November 2023, down from US $10.992 million in October 2023.

These statistics underscore the dynamism of Pakistan’s spice export sector, showcasing both substantial growth over the fiscal period and the nuanced fluctuations in monthly export figures.