Rice Exports Set to Soar to $4 Billion as Bumper Harvest Drives Growth
Published on: June 12, 2024.
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Basmati Rice Export Slows Down Amidst Stiff Competition with India
Basmati rice exports from Pakistan have experienced a slowdown as exporters shipped out 66,863 metric tonnes valued at $76.861 million. This decline is mainly attributed to stiff competition posed by India, which offers Pusa rice varieties resembling Basmati at lower prices.
Despite this setback, Pakistan has exported a total of 5 million tonnes of rice worth $3.5 billion so far, thanks to a bumper production of 9 million tonnes in the country. By the end of this year, it is expected that the volume of rice exports from Pakistan will reach $4 billion. These figures were shared by the Chairman of the Rice Exporters Association of Pakistan (REAP), Chellaram Kewali, during a press conference held on Monday.
The rice sector has emerged as the second-largest export sector of Pakistan, after textiles. Kewali also highlighted the promising opportunities available for Pakistani rice exporters in new markets such as Mexico, Russia, and the Philippines.
However, the export of Pakistani rice to Kenya has faced challenges due to the transit and Red Sea crisis, causing delays in the arrival of rice consignments in the country. Approximately 1,300 containers carrying rice were stuck due to these delays. Imposing duties on these containers would have cost Pakistani exporters around $7 million.
Former REAP Chairman Rafiq Sulaiman, who was also present at the press conference, mentioned that despite the obstacles, Kenya has allowed duty-free export of another 500,000 tonnes of rice until November. Even with the seizure of a foreign ship in the Red Sea in March, a remarkable 98,000 tonnes of rice was still exported from Pakistan. The Red Sea crisis forced shipments to take a longer sea route, resulting in delays. These containers contained over 34,000 tonnes of rice. Sulaiman also noted that heavy rains in Kenya have led to crop destruction, creating an increased demand for rice.
In conclusion, while Basmati rice exports are facing challenges, the overall volume of rice exports from Pakistan remains substantial. Pakistani exporters are urged to explore new markets and seize opportunities to maintain growth in the rice export sector.
Source: [Tribune](https://tribune.com.pk){:target=”_blank” rel=”nofollow”}
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Basmati Rice Export Slows Down Amidst Stiff Competition with India
Basmati rice exports from Pakistan have experienced a slowdown as exporters shipped out 66,863 metric tonnes valued at $76.861 million. This decline is mainly attributed to stiff competition posed by India, which offers Pusa rice varieties resembling Basmati at lower prices.
Despite this setback, Pakistan has exported a total of 5 million tonnes of rice worth $3.5 billion so far, thanks to a bumper production of 9 million tonnes in the country. By the end of this year, it is expected that the volume of rice exports from Pakistan will reach $4 billion. These figures were shared by the Chairman of the Rice Exporters Association of Pakistan (REAP), Chellaram Kewali, during a press conference held on Monday.
The rice sector has emerged as the second-largest export sector of Pakistan, after textiles. Kewali also highlighted the promising opportunities available for Pakistani rice exporters in new markets such as Mexico, Russia, and the Philippines.
However, the export of Pakistani rice to Kenya has faced challenges due to the transit and Red Sea crisis, causing delays in the arrival of rice consignments in the country. Approximately 1,300 containers carrying rice were stuck due to these delays. Imposing duties on these containers would have cost Pakistani exporters around $7 million.
Former REAP Chairman Rafiq Sulaiman, who was also present at the press conference, mentioned that despite the obstacles, Kenya has allowed duty-free export of another 500,000 tonnes of rice until November. Even with the seizure of a foreign ship in the Red Sea in March, a remarkable 98,000 tonnes of rice was still exported from Pakistan. The Red Sea crisis forced shipments to take a longer sea route, resulting in delays. These containers contained over 34,000 tonnes of rice. Sulaiman also noted that heavy rains in Kenya have led to crop destruction, creating an increased demand for rice.
In conclusion, while Basmati rice exports are facing challenges, the overall volume of rice exports from Pakistan remains substantial. Pakistani exporters are urged to explore new markets and seize opportunities to maintain growth in the rice export sector.
Source: Tribune
