Federal Minister for Finance, Muhammad Aurangzeb, highlights the positive economic outlook for Pakistan’s agriculture sector, citing strong growth in agriculture, declining inflation rates, and other indicators. Various experts proposed solutions for addressing challenges and maximizing the sector’s potential for growth and revenue generation. The conference provided valuable insights into the sector’s future prospects.

India’s rice export prices have dropped to a three-month low due to weak demand and surplus supplies. The 5% broken parboiled rice variety was priced at $528-$536 per ton, down from last week’s $538-$546. Reduced exports and lower prices are being offered to attract overseas buyers.

The Federal Committee on Agriculture has set production targets for major crops for the upcoming kharif season. The targets include 10.8 million bales of cotton, 8.7 million tonnes of rice, 9.3 million tonnes of maize, and 76.7 million tonnes of sugarcane. Water availability in canals is expected to increase, and sufficient seed availability has been confirmed. The State Bank of Pakistan has increased institutional credit for agriculture, and favorable rainfall is predicted. Wheat production for the outgoing rabi season has seen a 5.4% increase.

The Pakistan government has set a target of producing 10.8 million bales of cotton for FY2024-25 to revive the struggling cotton sector. The Federal Committee on Agriculture emphasized the importance of innovative strategies to meet this target and highlighted cotton’s role in fueling exports and fostering economic prosperity.

A Philippine court has halted the commercial production of genetically modified golden rice and BT eggplant due to concerns over health and environmental safety, pending proof of safety from government agencies. The decision is seen as a victory by opponents of genetically modified crops.

Discover how Pakistan rice exporters are dominating the global market with their top-notch products and affordable prices. With a vast variety of rice options, including popular Basmati rice and white broken rice, Pakistan is becoming a sought-after source for rice. Don’t miss out on the latest news and updates – subscribe now!

The Pakistan Rice Exporters Association (REAP) encourages rice mill owners to increase exports of white broken rice to meet growing international demand. This presents a great opportunity for Pakistani rice exporters to expand their business and tap into new markets, particularly in Africa. REAP is collaborating with the government and stakeholders to address challenges and ensure compliance with international standards.

During Iranian President Ebrahim Raisi’s visit to Pakistan, both countries aimed to enhance bilateral trade and overcome challenges. However, the influence of the United States may hinder Islamabad’s efforts to expand its business with Iran. Pakistan is exploring alternative markets to diversify its rice exports and reduce dependency on Iran. [Asia Nikkei]

In March, despite decreases in shipments to China and the UAE, rice exports from Pakistan reached a record high due to increased demand in African and Asian markets. Basmati rice exports also showed a positive trend, with notable increases in value and quantity. Though concerns exist, there are potential growth opportunities in markets such as Oman, the UK, and Italy. The outlook for Pakistan’s rice export sector is promising, with projected earnings exceeding $4.2 billion by the end of the fiscal year 2024.

The surge in gas prices is expected to curb fertilizer smuggling, prompting the Rawalpindi district to announce new prices for food items. However, associations resist these rates as unrealistic and plan to sell products at higher prices in the open market.