June 29, 2006

Pakistan's seafood exports establish new record
 

Pakistan's seafood exports have set a new record this year in just 11 months of the fiscal year. Export values reached US$180 million, exceeding the expected US$165 million mark for July-May 2005-06.

Seafood exports grew 44 percent from US$135 in the last fiscal. Final export figures could be near US$190 million at the end of this fiscal.

The sector was seldom the beneficiary of government subsidies. However, with the stellar performance, exporters are saying that exports could go even higher with government help.

Still, fears of an EU ban on Pakistani seafood may be holding back the market as the latter's standards do not meet EU requirements. An EU inspection is due in September and there are fears that Pakistan may ban seafood exports itself rather than have the EU do it for them.

Last year, the government imposed a ban on seafood exports to the EU with the assurance that it would improve conditions to meet EU standards.

However, after one year, conditions still remains a source of concern and may invite punitive action by the EU.

Syed Ikhlaq Hussain, an exporter, said apart from tuna export, a strong demand for cuttlefish and squid species of fish in European countries is another factor for growth in exports.