Business

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

Published

11 months 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

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

16 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

16 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

16 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.