Pakistan's Economy Thrives with Rice Exports and IT Sector Growth

Pakistan's economy has received a significant boost with a remarkable increase in rice exports and growth in the IT sector during the current financial year.

According to recent data, rice exports from Pakistan surged by 80.13% in the first 10 months of the fiscal year 2023-24 compared to the same period last year. The country exported over 5.097 million metric tons of rice valued at $3.282 billion, showcasing a substantial growth trend. Basmati rice exports also saw a rise of 34.01%, with 612,086 metric tons worth $699.208 million exported during this period.

Furthermore, exports of other rice varieties witnessed a significant increase, totaling 4.474 million metric tons valued at $2.583 billion. This growth in rice exports contributed to an overall 45.61% increase in food group exports, reaching $6.228 billion in the last 10 months.

On the other hand, food imports decreased by 12.18% during the same period, standing at $6.817 billion. In April 2024, monthly food imports increased by 22.82% compared to the previous year.

In the IT sector, Pakistan's earnings from providing IT services to various countries reached $2.283 billion in the first nine months of the fiscal year 2023-24, marking a growth of 17.40% from the previous year. Notably, computer services exports grew by 19.99%, with software consultancy services increasing by 7.72% and hardware consultancy services by 22.07%.

Information services exports experienced a significant 88.21% increase, while telecommunication services exports also rose by 5.76%. Call center services saw a notable increase of 17.93%.

The substantial growth in rice exports and the positive performance of the IT sector have played a crucial role in boosting Pakistan's economy. These developments not only showcase the country's potential in the global market but also contribute to its economic stability and growth.