Global Rice News

In a remarkable achievement, Pakistan’s rice exports have soared to $3.6 billion during the fiscal year, surpassing all expectations. This surge in exports is a result of the country’s record-breaking rice production of 9.9 million tons in FY24. With the export of 5.59 million tons, rice has emerged as the leading commodity in the food group for external trade.

The export advisory council meeting held during the interim setup had projected Pakistan’s rice exports to be around $3.5 billion for the current fiscal year. However, if this export momentum is maintained in the remaining month, the export figures could cross the remarkable mark of four billion dollars, compared to less than $2.5 billion in the previous year.

The first nine months of fiscal year 2023-24 have already witnessed a phenomenal increase in rice exports, earning a record-breaking $3 billion. The ban imposed by India on rice exports has been one of the contributing factors to the surge in Pakistan’s rice exports. From July to March of this fiscal year, the country earned $2.939 billion, compared to $1.6 billion during the same period in the previous year.

The non-basmati sector has played a significant role in boosting export earnings, thanks to the private sector’s outstanding performance in hybrid seed research and development, supported by China. This success has led to Pakistan setting an ambitious target of reaching $10 billion in annual rice exports by 2030, a fourfold increase from the current $2.5 billion. The country is determined to expand its export range and explore new international markets.

Shehzad Ali Malik, Chairman of Punjab Rice Research Board and CEO of Guard Agricultural Research & Services, has provided valuable insights into the industry’s projections for rice trade. He emphasized the use of high-yielding hybrid rice varieties and improvements in processed grain quality as key factors in achieving higher rice exports. Malik anticipates that Pakistan could export rice worth up to $3.5 billion in the current fiscal year by implementing stricter quality controls and focusing on global brand management.

Looking ahead, Malik predicts that annual rice exports could reach $5 billion within three years and could double to $10 billion by 2029-30. He underlined the importance of meeting the quality standards of various markets, particularly the European Union, and addressing concerns related to pesticide matters and maximum residue levels. Malik urged Pakistan to devise strategies to establish its rice brands in the global market and compete with rivals like India. He also suggested providing support to FMCG brands, specifically in the food category, by offering listing fees and shelf rentals in supermarkets through TDAP’s assistance from EDF.

As Pakistan moves towards fulfilling its ambitious goal of becoming a leading rice exporter, the country’s rice industry is poised for further growth and success.

Source: https://www.thenews.com.pk