Pakistan, Maize can help country fetch over $1bn annually: experts
Pakistan’s maize export potential could exceed $1 billion annually, driven by rising global demand. Despite a 40% drop in production this year, from 11 million to 7 million metric tons, exports earned $500 million last fiscal year. With strong domestic prices, Chairman Muzzammil Rauf Chappal is optimistic that production will increase, restoring Pakistan’s global market competitiveness.
KARACHI: With rising global demand, Pakistan’s maize holds immense potential to surpass a billion dollars in export earnings annually. Speakers at virtual session titled “Unlocking the Maize Export Potential in the Philippines,” organized by Trade Development Authority of Pakistan (TDAP) said that strategic investments and improved processing could make Pakistan a key player in the global maize market.
The session featured notable speakers including Athar Khokhar, Director General of the Agro and Food Division at TDAP; Dr Imtiaz Ahmed Kazi, Pakistan’s Ambassador to Manila; Muzzammil Rauf Chappal, Chairman of the Cereal Association of Pakistan (CAP); and Fareeha Khan, Trade and Investment Councilor in Manila, while the session was moderated by Rubina Siddiqui assistant director TDAP. Experts and key stakeholders discussed that how to maximize Pakistan’s maize exports with a particular focus on the Philippines.
Participants presented insights on the opportunities and challenges facing Pakistan’s maize export sector, particularly in a time of fluctuating crop yields and global market dynamics.
Chairman CAP Muzzammil Rauf Chappal emphasised the immense potential of maize exports, suggesting that, with targeted efforts, Pakistan could surpass a billion-dollar revenue milestone in maize exports.
He shared that the previous fiscal year had been especially successful, with Pakistan earning around $500 million from maize exports, thanks to favorable crop yields that year. However, he expressed concern over the current year’s significant 40 percent drop in maize production, which fell from a robust 11 million metric tons to 7 million metric tons. This downturn, he explained, had led to soaring domestic maize prices.
Presently, maize prices in the international market are around $300 per metric tonwell above the international market rate of $250 to $260 per ton last year thus reducing Pakistan’s competitiveness on the export stage, he mentioned.
Despite these setbacks, Chappal remained optimistic about the upcoming crop season. He noted that the strong domestic prices might incentivize farmers to increase production, potentially reversing the trend and allowing Pakistan to regain its position in the maize export market.
Source Link : https://www.brecorder.com/news/40331492
Recommended for you
