Record 545,000 Tonnes of Rice Shipped in March, Marking an 89.7% Surge
Published on: May 3, 2024.
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Rice Exports from Pakistan Reach Record High in March
In March, rice exports from Pakistan soared to a record high, despite a decrease in shipments to China. The demand for the staple crop in African and Asian markets has been the driving force behind this surge, according to industry officials.
Leading rice exporter Shamsul Islam Khan stated that Pakistan exported a total of 545,000 tonnes of coarse rice to various destinations during March 2024. This amounted to a value of $330.453 million, representing a remarkable 89.74 percent increase in value and a significant 65.95 percent increase in quantity compared to the previous year.
Basmati Rice Exports Show Positive Trend
Khan also highlighted the positive trend in Basmati rice exports, with 72,919 tonnes exported, worth $82.946 million. This reflects a 19.39 percent increase in value and a 13.35 percent increase in quantity. The overall coarse rice exports reached a historic high of 4.005 million tonnes, marking a significant 60 percent increase compared to the previous fiscal year.
During the first nine months of the fiscal year 2024, Pakistan exported 545,220 tonnes of Basmati rice. This indicates a notable 27 percent increase compared to the same period in the previous year, generating a substantial sum of $2.931 billion.
New Markets and Concerns
Pakistani rice exports have seen a notable boost in African markets, particularly in Kenya, with exports reaching 107,808.26 tonnes valued at $65.43 million. In the Far East, Malaysia and Indonesia were prominent buyers, while Afghanistan remained the largest export destination among neighboring countries. Saudi Arabia emerged as the leading rice importer from Pakistan among the Gulf Cooperation Council nations.
However, concerns were raised regarding the decline in exports to crucial markets such as the United Arab Emirates (UAE) and China. Rice exports to the UAE drastically decreased to 19,157.49 tonnes valued at $16.27 million, compared to 34,067.10 tonnes worth $26.18 million in March 2023. Similarly, rice exports to China dropped to 2,587 tonnes valued at $1.35 million, compared to 43,748 tonnes worth $19 million in March 2023.
While there are challenges in some markets, there are also potential growth opportunities. Oman has expressed interest in boosting rice imports from Pakistan, and European destinations such as the United Kingdom and Italy have witnessed an increase in rice imports. Though Belgium experienced a decline in imports in March 2024.
Promising Outlook for Rice Export Sector
Khan projects a promising outlook for Pakistan’s rice export sector and estimates that the country could exceed $4.2 billion in export earnings by shipping 6 million tons of rice by the end of the fiscal year 2024.
Source: The News
