Global Rice News

Food Exports Double as Pakistani Rice Gains International Demand

Food exports in Pakistan have experienced a remarkable growth, doubling in numbers just last month. This significant rise in exports comes at a time when the country is grappling with crippling inflation, highlighting the lack of comprehensive planning skills among policymakers. Shockingly, this surge in food exports coincided with a nearly 29% increase in food prices within the same period.

While the government may attribute the surge in export value to the devaluation of the Pakistani rupee, this explanation only tells part of the story. While the rupee did indeed depreciate significantly over the past year, news reports suggest that export quantities have also seen a considerable increase. As a result, it can be inferred that the government made a conscious decision to allow local supplies to decline, ultimately leading to a surge in local prices.

This situation presents a sharp contrast to India, where the country chose to restrict nearly all rice exports following a poor crop last year. This decision caused a reduction in supplies and subsequently led to increased domestic rice prices. Interestingly, this has resulted in higher demand for Pakistani rice, with exports experiencing a staggering 77% increase in the current fiscal year.

Despite the doubled domestic meat prices over the past two years, meat exports from Pakistan continue to rise. While the government has seemingly focused on capitalizing on the opportunity presented by the decline in Indian meat exports, it is worth noting that India faces domestic pressure from local cow protection activists and vigilantes, making the export situation complex.

Casting further doubt on claims that rising international prices are to blame for soaring domestic food prices, the UN’s Food and Agriculture Organisation reports that global food prices actually fell by 10% in 2023. This revelation suggests that flawed policymaking and profiteering are at the root of Pakistan’s inflation woes. The excessive emphasis on earning export revenue through food exports has resulted in the current inflationary crisis. It is crucial for policymakers to prioritize domestic food security and price stability over food exports. Learning from responsible planners in other countries, Pakistan should only consider exporting food when there is a surplus that can help regulate prices. Until then, relying on food exports to earn revenue will only perpetuate the cycle of self-defeat.

With the rise in demand for Pakistani rice and the country’s potential to become a key player in the international rice market, it is essential for rice exporters and suppliers to engage with reputable companies. Platforms like Pakistan Rice, Broken Rice, and HAS Rice provide quality rice exports from Pakistan to cater to global demand. These platforms offer a wide range of rice varieties, including the popular IRRI 6 rice and basmati rice, at competitive prices. By partnering with reliable rice suppliers, exporters can capitalize on the growing demand for Pakistani rice and establish themselves as key players in the global rice market.

In conclusion, while the growth in food exports is an encouraging sign for Pakistan’s economy, it is vital for policymakers to prioritize domestic food security and price stability. By learning from responsible planners in other countries and focusing on meeting the needs of the local population, Pakistan can ensure a more sustainable and stable economic future.

Source: The Express Tribune