19-07-2025
- Business
- Business Recorder
FY25 seafood exports soar 11.44pc to $465.4m YoY
KARACHI: Pakistan's seafood exports hit a historic high in volume during fiscal year 2024–25, yet the country once again fell short of its long-pursued $500 million target, closing the year at $465.4 million — an 11.44 percent rise over the previous year, market players said on Friday.
Pakistan's seafood exports surged notably during the fiscal year from July 2024 to June 2025, reaching a record volume of 216,350 metric tons.
Official data released by the Federal Bureau of Statistics showed that while the industry achieved significant growth in quantity, the financial returns remained below expectations — indicating a mismatch between volume and value.
Experts expressed mixed opinions—welcoming the growth in volume with optimism, but also voicing disappointment that the momentum was not enough to meet the decade-old revenue benchmark.
Congratulating industry stakeholders, Saeed Fareed, Senior Vice Chairman of the Pakistan Fisheries Exporters Association, credited fishermen and processors for their tireless efforts that enabled Pakistan to secure a foothold in the global seafood market — despite international trade challenges.
He noted that global seafood trade has faced instability due to uncertain tariffs introduced during the Trump administration. He said demand from Southeast and Far East Asian markets—particularly China, the world's largest seafood consumer — has sharply declined.
He also emphasized that limited market access remains a key barrier to growth. Restrictions such as the United States ban on shrimp imports and lack of approvals from the European Union continue to hamper progress. Compounding the issue is a sharp decline in raw material supply, forcing many seafood processing plants to operate at just 20 to 25 percent of their installed capacity.
Shrimp, once Pakistan's leading seafood export, has seen a dramatic drop in landings over the past two decades. The country's seafood industry now leans heavily on exports of cuttlefish, squid, and octopus. Studies by the Marine Fisheries Department and the United Nations Food and Agriculture Organization have previously highlighted the concerning depletion of fish stocks in Pakistani waters.
To reverse this trend, Saeed Fareed stressed the urgent need for fisheries management reforms. He urged the government to engage the European Commission, Saudi Arabia, and United States authorities to facilitate inspections and approvals for more processing plants to access international markets.
Echoing similar sentiments, Muhammad Moazzam Khan, former Director General of the Marine Fisheries Department, applauded the industry for achieving the highest export earnings to date. He then asked how Pakistan might break the $500 million barrier and aim for $1 billion in seafood exports, pointed to key government initiatives announced by the Prime Minister on December 24, 2024.
These directives include development of cluster-based shrimp farming in Sindh and Balochistan, technical cooperation with Iran for shrimp hatchery establishment, bans on using trash fish for fishmeal production, and efforts to reduce post-harvest losses through onboard freezing systems. Moazzam Khan emphasized that successful implementation of these reforms—especially large-scale shrimp farming—could lead to a significant and sustainable boost in seafood exports.
While seafood exports reached their highest-ever value of $496 million in 2022–23, it was in 2024–25 that export volumes soared to a record-breaking 216,350 metric tons—the highest ever in terms of quantity. This marks a new milestone for the sector.
Over the past two decades, export performance has shown fluctuating trends in both volume and value. In 2001–02, total exports stood at 84,452 metric tons, valued at $125.6 million, with an average unit price (AUP) of $1.49 per kg. The following year saw a moderate growth of 7.05 percent, both in quantity and value, though the AUP dipped slightly to $1.44 per kg.
By 2005–06, a significant jump occurred, as exports reached 105,000 metric tons, bringing in $194 million—showing a strong year-over-year increase of 39.63 percent, one of the highest positive growth spikes in the dataset. In contrast, 2004–05 had seen a decline of -11.08 percent.
The year 2010–11 also recorded remarkable growth of 30.31 percent, with export value soaring to $296 million. However, the most dramatic growth occurred in 2022–23, with exports climbing to 214,367 metric tons valued at a record $496.3 million — the highest export value in the entire timeframe.
On the other hand, the lowest export volume was recorded in 2001–02 at just 84,452 metric tons. Despite fluctuations, the average unit price continued rising over time, peaking in 2021–22 at $2.59 per kg, the highest unit price observed.
The most significant decline came in 2023–24, with a sharp decrease of -17.34 percent despite maintaining relatively high export volumes at 200,709 metric tons.
In 2024–25, the sector rebounded, with exports increasing to 216,350 metric tons and a total value of $465.4 million, reflecting a healthy 13.44 percent growth from the previous year. The average unit price stood at $2.15 per kg, slightly lower than some earlier peaks but still competitively strong.
Copyright Business Recorder, 2025
