KARACHI: Pakistan’s seafood exports surpassed the US$500 million mark for the very first time ever in Pakistan’s history. The record was set by the Pakistani seafood industry about 46 days ahead of the end of the fiscal year. According to Federal Minister of Maritime Affairs, Mr Muhammad Junaid Anwar Chaudhry, it is a historic day for the Pakistani maritime sector.
The accomplishment was certainly no accident. The seafood exports of Pakistan achieved the milestone of being valued at more than $500 million by virtue of some strategic actions that changed the fortunes of an otherwise poorly performing sector to become one of the fastest-growing export sectors for Pakistan.
16 Pakistani Firms Authorized To Export To Russia
The foremost development that came with the seafood exports hitting the $500 million mark is the opening up of the Russian market. As pointed out by Minister Junaid Chaudhry, this was an important development as it could help the industry evolve in a major way in the future. Russia has authorized 16 Pakistani firms to export their seafood produce to its markets, giving Pakistan access to a huge market within Europe which had no formal relationship previously.
Russia’s importance is not only limited to its domestic consumption alone. As mentioned by Minister Chaudhry, having access to Russia would enable countries to gain access to other markets in the Eurasian Economic Union such as Kazakhstan, Uzbekistan, and Turkmenistan through land routes which are quite economical for quality seafood exports.
Target of $800 Million per Year Now Achievable
Market entrance of Russia plays an essential role in making the prediction of the minister regarding the Pakistan seafood export more tangible. Chaudhry predicted that the export would reach $800 million each year, where Russia will account for roughly $300 million after building up relations and logistics in place. This brings the target of $500 million to a starting point rather than a destination.
Highest monthly exports recorded were US$56.42 million in November and US$55 million in December due to seasonality, better logistics arrangements, and quality certification programs, which have made it easier for Pakistani seafood to enter international markets through certification.
Frozen Fish, Shrimps & Cuttlefish Key Export Product Range
Frozen fish was the top exporter of Pakistan in the category of seafood, amounting to 26,669 tonnes worth $53.33 million exported during the first six months. Shrimps & prawns amounted to $40.46 million whereas frozen cuttlefish accounted for $36.13 million. These products form part of the key export product range in which the processing industry in Pakistan can produce competently.
China Dominates – Yet Diversification Speeds Up
In the first six months, China imported over 83,602 tonnes of Pakistan seafood exports worth $149.2 million, accounting for roughly 59% of all export earnings and underscoring Pakistan’s strong trade tie with its biggest seafood importer. Thailand was in the second spot, mainly purchasing seafood processed under the Hazard Analysis and Critical Control Point (HACCP) system, worth $31.3 million, which fetches premium prices due to its superior quality.
Apart from these well-known markets, the seafood exports of Pakistan extended to the European Union, Saudi Arabia, Vietnam, Kuwait, and the USA – geographical diversification that not only minimizes the risks associated with over-reliance on any one region but also creates the necessary market breadth for reaching the $800 million target annually.
Classification by NOAA Facilitates Market Access for Pakistan Seafood Exports
The classification of the fishing industries in Pakistan as “comparable” by the National Oceanic and Atmospheric Administration under the Marine Mammal Protection Act has been an important step for the growth of Pakistan’s seafood export business with the US as it has provided four more years’ access to the American markets, which is due to their compliance with US regulations. As a result, Pakistan’s seafood exporters managed to prolong their market access for four more years in the United States.
$60-80 Million Infrastructure Development in Plans
The area will contain 20 to 25 processing plants of medium and large sizes dealing with fish, shrimp, and cephalopods. It will include value-added services and packaging facilities required by the Pakistani seafood industry to achieve its target of $800 million per annum.
This facility is what would make Pakistan’s seafood exports capable of reaching $800 million per year, a target that is actually feasible.
