Pakistan’s Wheat Harvest Forecasts Pass 28 Million Tons — USDA

News in brief: Pakistan’s wheat harvest is expected to surpass 28 million tons in 2023, higher than last year’s production. The bumper harvest will help to lower the country’s import needs and boost exports.

Wheat harvest in Pakistan is expected to surpass 28 million tons in 2023, higher than last year’s production (26.4 million tons), according to United States Department of Agriculture (USDA) forecasts. The harvest could also exceed the country’s average over the last five years.

Analysts say that all major crops in the South Asian country, like wheat, rice, sugarcane, corn and cotton, will experience a bumper harvest. The news comes as a relief to farmers who suffered devastating losses in the floods of 2022.

The USDA forecast projects Pakistan to produce 10.5 million tons of corn, 9 million tons of rice, 6.5 million bales of cotton, 7.8 million tons of sugar and 540,000 tons of rapeseed (canola) in 2023/2024.

Additionally, the harvest will help to lower the country’s import needs from 3 million to 2 million tons in 2023-2024. Meanwhile, its total consumption has grown from 29.2 million tons to 30.2 million tons.

High cotton production in Pakistan will yield 2.3 million tons of cottonseed oil in 2023/2024, which represents a 34% increase over a year. It will cut down on cooking oil imports for the country, which imported $4.5 billion worth of edible oil in 2022.

Furthermore, the country is expected to generate $3 billion from exporting 5 million tons of rice in 2023. With India’s ban on non-basmati rice exports, Pakistan is projected to fetch higher prices for its own sales.

Pakistan is the 10th largest agricultural producer in the world, and the sector is valued at over $50 billion. The country produces significant quantities of cereals, meat, milk, fruits and vegetables.

However, its economy has changed from a mainly agricultural one to a strong service base and the sector now accounts for about 22% of its gross domestic profit (GDP).