SBP data defies flood loss claims

[xenia]

Export of greens SBP data defies flood loss claims​

By Shahid Iqbal

KARACHI, Oct 28: The recent devastating flood is said to have washed out crops, vegetables and fruits in 25 per cent of cropped area in the country but the export of vegetables and other perishables have gone up leaving people paying 100 to 150 per cent higher for greens in the local market.

The higher prices being charged was justified on the excuse of losses incurred by growers because of the floods but the State Bank reported on Thursday the export of entire food group in the first quarter registered 24 per cent growth compared to the same period last year.

The State Bank said the export of vegetable during the first quarter of the current fiscal, which was also the worst period after floods, recorded an increase of 19 per cent to $25 million compared to the same period of last year.

Prices of fruits in the local market witnessed a very high increase from 50 to 80 per cent. However, fruits were also exported with slight decline compared to the same period of last year.

The country exported fruits worth $49 million compared to $53 million during the first quarter of last year. With the slight decline the country succeeded to export fruits showing no sign of flood devastation. Only local markets are reflecting the worst impact of floods on fruits and vegetables prices.

Pakistan’s food group exports during the first quarter rose to $794 million compared to $638 million of the same period last year with an increase of 24 per cent.

Food group is one of the largest exports of the country dominated by rice as the country exported the commodity for a record $2.134 billion last year.

Contrary to the State Bank’ annual report the first quarter export of rice showed no sign of flood impact as the export went up by 39 per cent to $517 million against $372 million of last year.

The meat prices have also gone up in the local markets at least by 20 to 30pc and the butchers argue that the flood had badly damaged livestock. However, the meet exports continued to register growth, which jumped by 75pc to $42 million during the first quarter of this fiscal. The country may be benefited from the higher exports of vegetables, fruits, rice and meat but the people would continue to face unchecked and highly inflated prices.