Business

Mangoes exporters fear 20% decline in production due to climate change

Published

2 years ago

Farwa

Export of mangoes is scheduled to commence on May 20.
Prolonged winter, delayed summer has decreased mango production.
This season’s mangoes export target is set at 125,000 metric tonnes.

KARACHI: Owing to the adverse affects of climate change, fruit and vegetable exporters anticipate a 20% decline in this year’s mango crop, The News reported Friday.

While the agrarian economy has an annual capacity of approximately 1.8 million metric tonnes, it is feared that the production for the current season will be limited to 1.44 million metric tonnes due to the impact of climate change.

All Pakistan Fruit and Vegetable Exporters Association (PFVA) Patron-in-Chief Waheed Ahmed said an extended winter and delayed arrival of summer had contributed to a decline in mango production, as well as a diminished ability to combat diseases in mango orchards.

“Mango crop in Pakistan is facing the adverse effect of climate change during the current mango season, leading to a likely drop of 20% in production,” Ahmed said.

Ahmed warned that due to a prolonged winter and delayed summer season, mango production was decreasing, adding that the production of the fruit was directly affected by changing weather patterns.

He urged research institutes and provincial agriculture departments to provide resources and awareness to mango farmers to help them avert the negative impact of climate change.

This year’s export target for mangoes has been set at 125,000 metric tonnes. Achieving the target would earn Pakistan approximately $100 million in foreign exchange.

The export of mangoes is scheduled to commence on May 20.

Major buyers of Pakistani mangoes include Gulf countries, Iran, Central Asian countries, and the United Kingdom.

Additional important markets encompass Europe, Canada, the United States, and Japan. The reduction in mango production, coupled with quality issues arising from climatic effects, has resulted in increased costs for exports.

“Factors such as higher freight expenses, packaging and transport costs, as well as the ongoing deteriorating law and order situation, political instability, and disruptions in delivery, are posing significant challenges to mango exports,” cautioned Ahmed.

Within Pakistan, Punjab accounts for 70% of mango production, while Sindh contributes 29%, and Khyber Pakhtunkhwa holds 1% share.

Regarding export methods, Ahmed revealed that 50% of Pakistani mangoes are exported by sea, 35% by land, and 15% by air.

Business

In FY 2024, the federal government gives institutions Rs 437 billion.

Published

10 hours ago

Farwa

The Ministry of Finance revealed that a total of Rs 437 billion was given as support to different government agencies in Pakistan during the first half of fiscal year 2024.

Of this, Rs232 billion was set aside for subsidies to Pakistani public sector organizations. Furthermore, subsidies totaling Rs 120 billion were given to Pakistani government organizations between July and December 2023.

During the first half of the previous fiscal year, Pakistani government institutions received loans totaling Rs 85 billion. Sui Southern Gas Company in Pakistan was one of the main beneficiaries of the subsidies.

Other well-known Pakistani organizations that benefited from subsidies are Hyderabad Electric Supply Company (HESCO), which received Rs 18.34 billion, and Lahore Electric Supply Company (LESCO), which received Rs 26.24 billion. Subsidies totaling Rs11.63 billion went to the Utility Stores Corporation of Pakistan.

In addition, Power Holding received a grant of Rs88.52 billion in the first half of fiscal year 2024, followed by Pakistan Railways with Rs27.5 billion and the National Highway Authority (NHA) with Rs4 billion.

Apart from subsidies, the Pakistani federal government also gave loans, giving NHA approximately Rs 25 billion and Pakistan Steel Mills Rs 35.54 billion.

The National Transmission & Despatch Company (NTDC) received Rs6.1 billion, Printing Corporation received Rs1.2 billion, JENCO-II received Rs16.53 billion, and Radio Pakistan received Rs210 million. MEPCO, PESCO, and LESCO also received loans during this period. receiving Rs47 billion, while MEPCO (Multan Electric Power Company) received Rs42.56 billion.

A report released on December 27 by the Pakistan Bureau of Statistics states that over the past year, the cost of some goods in Pakistan has significantly increased while the cost of others has decreased.

The research claims that the price of tomatoes has increased significantly, rising by 138.53 percent (pc). Women’s sandal prices increased by 75.09 percent, while the cost of potatoes increased by 61.17 percent. Lentils, too, experienced a price surge, with chana dal increasing by 51.17 pc and mung dal by 31.51 pc.

Prices for beef increased by 24.28 percent, while those for powdered milk increased by 25.62 percent. Garlic became 17.27 pc more expensive, and cooked lentils went up by 15.10 pc. Gas charges in Pakistan have also risen by 15.52 pc, and firewood prices climbed by 13.14 pc.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

6 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

2 weeks ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.