Pakistan to boost its food exports to Gulf countries

Pakistan's economy is struggling. Pakistan is facing the toughest time amid rising foreign debt. In order to reduce its trade deficit, it is focusing on restricting its imports and expanding exports. 

According to the Pakistan import data reports, around 71 billion dollars worth exports were recorded during the fiscal year 2022. Whereas Pakistan's exports amounted to 30 billion dollars in the last year.

Last year, Pakistan's trade deficit was around 48 billion dollars. Whereas, this year, the trade deficit had seen a rise of 42% and is estimated around 27 billion dollars. Last year, Pakistan had spent over 4 billion dollars on palm oil imports from Indonesia which caused major debt on Pakistan.

To reduce its trade deficit, Pakistan is looking to focus more on some industries like manufacturing, agriculture, etc. Pakistan is likely to make crucial investments in its food sector. It is planning to boost its food exports to gulf countries. Currently, Pakistan is ranked 7th largest food producing country along with China, Indonesia and the United States.

As per the Pakistan import export data reports, last year Pakistan halal food exports accounted for over 290 million dollars in FY 2022. The Pakistan government is currently planning to become the leading halal food exporting destinations. The government's new policy will focus on more exports of halal meat, butter, milk, egg, livestocks, animal feed, etc. 

Thailand is the major competitor in the field of halal food products. Thailand is ranked the leading halal food exporter in the global market. Global import export data reports suggest that around 6 billion dollars halal food exports were recorded by Thailand in 2022. 

Experts predict that Thailand could cover over 8 billion dollars halal food exports by the end of 2023. As per Pakistan customs data, Pakistan imports halal food from Thailand, Australia, US, New Zealand and Europe. Pakistani delegates are approaching Thai food exporters to begin their branch in Pakistan to support the Pakistan food industry. 

Recently, Pakistan's Prime Minister, Shehbaz Sharif had laid the stone for Green Pakistan Initiative. The government is likely to make a 40-50 billion dollars investment in order to boost its food exports to Gulf nations. As per the latest Pakistan export data, meat exports to the United Arab Emirates and Saudi Arabia were around 6.2 million in 2022.

Agricultural industry has over 60% share in Pakistan's economic growth. The majority of Pakistan's population rely on agriculture. It is their major source of employment. In 2022, Pakistan’s agricultural exports grew at the rate of 17% and are estimated around 5.6 billion dollars in 2022 while it was 4..2 billion dollars in 2021. 

Rice, Cotton, Fruits, Fish and Vegetables are some of the most popular Pakistani exports while wheat, pulses, & vegetable oils are top Pakistani imports. Pakistan is also the leading apricot, cotton, onion, milk and ghee market.

Pakistani exporters can utilize Exim Global import export data System to find demand for their products. This tool offers detailed insights into 200+ markets. You can discover interactive visual reports on top products, price, quantity, buyers and suppliers from different markets. It can lend quality leads and bring more revenue for Pakistani exporters.