Pakistani Food Exports Soar as Domestic Prices Skyrocket
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Food exports from Pakistan rose 60% in October 2022, causing domestic food inflation to hit 29%. Exports of rice, meat, and sugar saw large increases.
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Rupee depreciation and high international prices drove the export surge. Rice exports rose after India's export ban. New meat export markets opened up.
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Domestic rice, meat, and sugar prices have skyrocketed, hurting Pakistani consumers. Basmati rice is up over 100% in 2 years.
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Sugar exports were banned in August after prices hit record highs. But the industry had pushed for months to export surplus stocks.
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Fruit, vegetable, fish, and other food exports also increased double-digits percent in July-October 2022 versus 2021.