Arooj Zulfiqar

Shrimp farming in Pakistan has the potential to become a catalyst for economic growth and export diversification, offering lucrative

opportunities for local fishermen and significantly enhancing the country's foreign exchange earnings, reports WealthPK. Highlighting the immense potential of shrimp farming to boost the country's foreign exchange earnings, Faisal Iftikhar, Chairman of Pakistan Fisheries Exporters' Association, said shrimp was an affordable source of protein for low-income families and offered substantial export opportunities for Pakistan. "However, the country faces a major challenge, the absence of local fish and shrimp hatcheries," he said. "This forces Pakistan to rely on importing young fish for aquaculture, which is then raised either for local consumption or export." Iftikhar stressed the importance of investing in domestic shrimp farming, suggesting that the government should establish shrimp aquaculture towns to empower fishermen. "In Punjab, where fish farming is practiced on 250,000 acres, there needs to be a shift towards shrimp farming, which could increase production by 20% and multiply the farm gate value as shrimp fetches a higher market price compared to fish," he pointed out.

The Pakistan Fisheries Exporters' Association chairman said: "A lack of modern infrastructure, and inadequate cold storage facilities are some of the hurdles that need to be addressed. Additionally, there is a need for improved water management practices to ensure that shrimp farming does not harm the environment, particularly mangrove ecosystems." "With the right planning and support, this sector can become a major driver of foreign exchange earnings and rural development," he said. On the directives of the Punjab chief minister, Pakistan's biggest shrimp farming project will be launched in the province this year. Under the project, more than 1,000 tonnes of shrimp farming will be undertaken on 1,000 acres for the first time in the province. The Punjab government will provide subsidies, land and other necessary facilities for undertaking the shrimp farming project. The fisheries farms association has welcomed the provincial government's decision.

Pakistan earned $410.268 million by exporting 200,709 metric tonnes of fish and fish preparations during the fiscal year 2023-24, according to the Pakistan Bureau of Statistics (PBS), posting a decline of 17.38% year-on-year as exports stood at $496.565 million during the fiscal year 2022-23. In terms of quantity, the exports of fish and fish preparations decreased by 6.45% during FY24 compared to exports of 214,542 metric tonnes in FY23. On a year-on-year basis, seafood exports decreased by 22.19% to $31.044 million in June 2024 from exports of $39.896 million in June 2023. In terms of quantity, the exports witnessed a 16.99% decrease, going down from 18,901 metric tonnes in FY23 to 15,689 metric tonnes during FY24. On a month-on-month basis, seafood exports declined by 16.26% in June 2024 compared to May 2024, according to the PBS data.

Credit: INP-WealthPk