pakistan rice exports hit record $3 billion amidst indian ban
Published on: May 4, 2024.
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Pakistan’s Rice Exports Reach Unprecedented $3 Billion amid India’s Ban
Pakistan’s rice exports have experienced a remarkable surge, reaching an unprecedented $3 billion in the first nine months of fiscal year 2024 (FY24). This record-breaking achievement can be largely attributed to India’s ban on rice exports. Official data reveals an impressive 83% growth in Pakistan’s rice export sector during July-March of FY24, with total earnings reaching $2.939 billion. In comparison, the corresponding period of the previous fiscal year saw earnings of $1.6 billion.
Furthermore, the nine-month export figures have already surpassed the entire export earnings for FY23, which stood at $2.1 billion. Not only has Pakistan experienced significant growth in terms of earnings, but it has also achieved a remarkable milestone in terms of quantity. The country has successfully exported 4.55 million tons of rice in just nine months of FY24, compared to 2.9 million tons in the same period of FY23.
The pace of exports suggests that by the end of FY24, total rice exports are projected to reach approximately $4 billion. This growth is largely due to Pakistani exporters capitalizing on India’s export ban and actively working to boost foreign exchange earnings for the country amidst a financial crisis. The Rice Exporters Association of Pakistan (REAP) has set a target of $5 billion for FY25.
Rafique Suleman, a leading rice exporter and former REAP chairman, credited Pakistani exporters for their efforts in exploring new markets and meeting the demand created by India’s export ban. One such market is Indonesia, which has shown significant interest in Pakistani rice. Additionally, Pakistan has performed well in African markets, particularly in West and East Africa.
The non-basmati rice sector has emerged as the frontrunner in export earnings, experiencing a staggering 102% growth. During the July-March period of FY24, non-basmati rice exports totaled $2.3 billion, compared to $1.1 billion in the same period of FY23. Basmati rice exports also saw a notable increase, rising by 36% to $622 million during the period under review.
Overall, Pakistan’s rice export sector has experienced exceptional growth, surpassing previous records and making significant contributions to the country’s foreign exchange earnings. The industry’s success can be attributed to various factors, including the ban on Indian rice exports and the exploration of new markets. With continued efforts and favorable market conditions, Pakistan’s rice exports are expected to thrive in the coming years.
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