{"id":6010,"date":"2024-07-29T04:06:26","date_gmt":"2024-07-29T04:06:26","guid":{"rendered":"https:\/\/gsrra.com\/?p=6010"},"modified":"2024-07-29T04:06:30","modified_gmt":"2024-07-29T04:06:30","slug":"pakistans-meat-exports-hit-record-512m-amid-high-demand","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=6010","title":{"rendered":"Pakistan’s meat exports hit record $512m amid high demand"},"content":{"rendered":"\n

Exports of meat and its products hit a record high of $512 million in FY24, marking a 20 percent\u00a0increase<\/a>\u00a0from $426m in the preceding year.<\/p>\n\n\n\n

This growth is attributed to a 24 percent rise in export volume, which reached 123,515 tonnes from 99,892 tonnes in the previous fiscal year, driven by strong international demand and competitive pricing following a significant devaluation of the rupee.<\/p>\n\n\n\n

Azeem Akhundzada of Sherman Securities said that despite the overall growth, the average meat price in the international market during FY24 dropped by 3pc to $4.1 per kg compared to $4.3 per kg a year ago.<\/p>\n\n\n\n

The United Arab Emirates played a major role in this price reduction, with export values to the UAE decreasing by around 2pc, while prices in other regions remained relatively stable.<\/p>\n\n\n\n

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Export volume surges 24pc to 123,515 tonnes on back of competitive prices<\/p>\n<\/blockquote>\n\n\n\n

However, the UAE continued to be the largest market for Pakistani meat, accounting for 39pc of total exports valued at $200m.<\/p>\n\n\n\n

Despite an estimated 2pc drop in meat prices in the region, overall exports grew by 4pc in dollar terms.<\/p>\n\n\n\n

Saudi Arabia emerged as the second-largest destination for Pakistani meat, comprising 28pc of total meat exports.<\/p>\n\n\n\n

Thanks to rising demand and favorable pricing, exports to Saudi Arabia surged by 66pc year-on-year to $142m in FY24.<\/p>\n\n\n\n

Kuwait and Qatar, two promising markets that together constitute around 17pc of Pakistan\u2019s meat export market, saw declines in value terms, with exports falling by 13pc to $49m and by 2pc to $38m, respectively.<\/p>\n\n\n\n

Additionally, new export markets such as Vietnam, Kazakhstan, and Kyrgyzstan have developed over the past few years.<\/p>\n\n\n\n

Mr Akhundzada highlighted that the Organic Meat Company Ltd, a major exporter of fresh, chilled beef to Middle Eastern countries, has diversified into pet chews and cooked meat products.<\/p>\n\n\n\n

In the current fiscal year\u2019s budget, a key concern for meat exporters is the inclusion of the meat sector under the normal tax regime, replacing the previous fixed tax regime (FTR). This change may impact export volumes going forward.<\/p>\n\n\n\n

In the last three months, Pakistani exporters have renegotiated their long-term contracts with Middle Eastern buyers, resulting in a 20-25 percent rise in export prices to offset the rising cost of meat.<\/p>\n\n\n\n

Domestically, meat merchants continue to link higher local meat prices to soaring exports and the smuggling of animals to Afghanistan.<\/p>\n\n\n\n

Data from the Sensitive Price Indicator (SPI) shows that the national average price of beef with bone (average quality) increased to Rs700-1,250 per kg during FY24 from Rs600-1,050. The price of mutton (average quality) rose to Rs1,500-2,300 per kg from Rs1,400-2,000.<\/p>\n\n\n\n

Brief on Pakistani Meat Exports to China<\/strong><\/p>\n\n\n\n

Overview of China\u2019s Meat Imports<\/em><\/strong><\/p>\n\n\n\n

China is one of the world’s largest importers of meat, with its demand driven by a growing middle class and increasing consumption of protein-rich diets. In 2023, China imported approximately 6.6 million tons of meat, including beef, pork, and poultry, worth over $20 billion. The major countries supplying meat to China include Brazil, Argentina, Australia, and New Zealand.<\/p>\n\n\n\n

Potential of Pakistani Meat Exports to China<\/em><\/strong><\/p>\n\n\n\n

Pakistan, with its rich agricultural base and burgeoning livestock sector, has significant potential to become a key supplier of meat to China. The demand for Pakistani beef in China is rising due to its high quality and competitive pricing. Pakistani meat, particularly beef, is known for its tenderness and flavor, making it an attractive option for Chinese consumers.<\/p>\n\n\n\n

Quality and Standards of Pakistani Meat<\/em><\/strong><\/p>\n\n\n\n

The Pakistani meat industry adheres to stringent quality and hygiene standards. The country has made considerable progress in upgrading its slaughterhouses and meat processing facilities to meet international standards. The Pakistan Halal Authority ensures that meat exports comply with global Halal standards, which is a significant advantage in the Muslim-majority regions of China.<\/p>\n\n\n\n

Cost-Effectiveness of Pakistani Meat<\/em><\/strong><\/p>\n\n\n\n

One of the key advantages of Pakistani meat is its cost-effectiveness. The proximity of Pakistan to China reduces transportation costs, making Pakistani meat more affordable compared to imports from distant countries. Additionally, the lower production costs in Pakistan contribute to its competitive pricing in the Chinese market.<\/p>\n\n\n\n

Demand and Prospects<\/em><\/strong><\/p>\n\n\n\n

The demand for Pakistani beef in China is expected to grow, driven by the increasing preference for diverse and high-quality meat products among Chinese consumers. The prospects for Pakistani meat exports to China are promising, with the potential to significantly boost Pakistan’s export revenues and strengthen bilateral trade relations.<\/p>\n\n\n\n

Way Forward<\/em><\/strong><\/p>\n\n\n\n

    \n
  1. Strengthening Trade Agreements<\/strong>: Finalizing and expanding trade agreements between Pakistan and China to facilitate meat exports, including tariff reductions and streamlined customs procedures.<\/li>\n\n\n\n
  2. Enhancing Infrastructure<\/strong>: Investing in modernizing slaughterhouses and meat processing facilities to meet the highest international standards and increasing the volume of exports.<\/li>\n\n\n\n
  3. Marketing and Promotion<\/strong>: Launching targeted marketing campaigns in China to promote Pakistani meat, highlighting its quality, Halal certification, and cost-effectiveness.<\/li>\n\n\n\n
  4. Capacity Building<\/strong>: Training and capacity building for farmers and meat processors in Pakistan to improve productivity and adherence to international quality standards.<\/li>\n\n\n\n
  5. Research and Development<\/strong>: Encouraging research and development in the livestock sector to enhance meat quality, increase production efficiency, and ensure sustainability.<\/li>\n\n\n\n
  6. <\/li>\n<\/ol>\n\n\n\n

    The prospects for Pakistani meat exports to China are bright, given the growing demand for high-quality, cost-effective meat in China and the improvements in Pakistan’s meat industry. By leveraging its competitive advantages and strengthening trade relations, Pakistan can significantly increase its meat exports to China, contributing to economic growth and development.<\/p>\n\n\n\n

    With strategic initiatives and continued focus on quality and standards, the Pakistani meat industry is well-positioned to capture a significant share of the Chinese meat market, creating a win-win scenario for both countries.<\/p>\n\n\n\n

    Source:- https:\/\/www.dawn.com\/news\/1848260<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Exports of meat and its products hit a record high of $512 million in FY24, marking a 20 percent\u00a0increase\u00a0from $426m in the preceding year. This growth is attributed to a 24 percent rise in export volume, which reached 123,515 tonnes from 99,892 tonnes in the previous fiscal year, driven by strong international demand and competitive […]<\/p>\n","protected":false},"author":1,"featured_media":6011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[132,2085,36,1069,2083,2084],"class_list":["post-6010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-economy","tag-export-of-pakistani-meat","tag-pakistan","tag-trade","tag-pakistans-meat","tag-pakistans-meat-industry"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/6010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6010"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/6010\/revisions"}],"predecessor-version":[{"id":6012,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/6010\/revisions\/6012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/6011"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}