Irfan Ahmed

Pakistan’s shrimp farming cluster development projects helped in increasing seafood exports by 30.02% to $18.506 million in the first month of the current fiscal year 2022-23, reports WealthPK.

Muslim Mohammedi, Chairman of Pakistan Fisheries Exporters Association, said the country's fisheries exports are currently functioning at full capacity which are expected to increase during the current fiscal year, while shrimp production will begin on a huge scale. Muslim Mohammedi said fishery is a profitable profession that can earn a country valuable foreign exchange.

Pakistan’s seafood exports increased by 30.02% on a year-over-year (YoY) basis to $18.506 million (Rs4.061 billion) in the first month of the current fiscal year 2022-23, from $14.233 million (Rs2.272 billion) in the same period of the fiscal year 2021-22.

In terms of quantity, Pakistan’s seafood trade also climbed by 18.47% to 8,058 metric tonnes in the first month of the current fiscal year, compared to 6,802 metric tonnes in the corresponding period of the last fiscal year.

Similarly, seafood exports decreased by 54.43% to $18.506 million (Rs4.061 billion) on a month-over-month (MoM) basis in July 2022, compared to $40.608 million (Rs8.299 billion) in June 2022, according to the latest figures released by Pakistan Bureau of Statistics (PBS).

Mohammedi stated that the government has initiated a number of projects to increase seafood exports, including the Pilot Shrimp Farming Cluster Development Project (2019–24), Enhancement of Fish Seed Production Capacity of Five Hatcheries in Punjab (2019-23), and Cage Fish Culture Cluster Development Project (2019-24).

According to economic experts, the shrimp fishery has an important role in society to meet current and future food, livelihood, employment, business, and other economic needs. Fishery is one of the best supporting sectors after agriculture for coastal societies and for those inhabiting near inland water bodies, therefore Pakistan needs to focus on shrimp farming to boost fisheries export.

As per PBS data, overall meat exports were recorded at $25.962 million in July 2022 against the exports of $24.065 million in June 2021, showing a growth of 7.88%.

On the other hand, Pakistan’s total meat exports decreased by 15.05% on a MoM basis to $25.962 million in July 2022, as compared to $30.563 million in June 2022.

The overall food group exports from the country in the first month of the current fiscal year increased by 6.57% as compared to the last fiscal year. In July 2022, different food commodities including rice, vegetables, fruits, oilseeds, meat, fish, spices, and others valuing $358.079 million were exported against the exports of $335.996 million in the first month of FY23.

The country’s total exports decreased by 3.65% and remained at $2.254 billion in the first month of FY23, compared to $2.340 billion in the same month of FY22.   

Experts said Chinese investment can be used to provide farmers with a good, cheap and easily-obtainable aqua feed that will increase seafood production and shrimp business. Chinese investors can bring new fish breeds to Pakistan and set up their farms and hatcheries, and sell these products to farmers, besides helping them enhance their production.

A robust aquaculture infrastructure can be laid in Pakistan by Chinese investors and experts, and they can also contribute to capacity building of aquaculture workers.

It is essential to formulate joint fisheries business policies with fish farm owners and explore expansion possibilities for fishery trade. Both Chinese and Pakistani investors can invest in fish farming in Pakistan and earn profits.

Independent News Pakistan-Wealthpk