Parboiled rice exports from India reach new highs due to limited supplies and strong demand. Prices in other major rice hubs decline, with Indian rice remaining cheaper compared to Pakistan and Thailand. Vietnam sees price increase due to new export opportunities, while Bangladesh takes steps to lower rice prices.

Indonesia’s state food procurement agency, Bulog, secures a contract for 500,000 metric tons of rice supplies from Vietnam, Myanmar, and Pakistan to meet growing demand and ensure food security. This diversification strategy reduces reliance on a single source and mitigates supply risks.

Thailand’s rice export volumes expected to decline by 14% due to lower production and increased competition, according to the Ministry of Commerce. Challenges include rising global supply and reduced imports from trade partners. However, January saw a year-on-year growth of 44% in rice exports.

The Pakistan Stock Exchange (PSX) closed on a positive note, with the 100-index gaining 137.44 points and closing at 61,979.18 points, marking a promising day for the stock market. A total of 276,464,818 shares were traded, amounting to a value of Rs 9.271 billion.

KennMar development has officially taken ownership of a grocery and hardware store in Anderson after finalizing the purchase. The former Marsh store will be transformed into a Needler’s Fresh Market and Ace Hardware, with a drug store addition, thanks to a $1.5 million project funded by the Anderson Redevelopment Commission.

Engro Corporation Limited appoints Ahsan Zafar Syed as President and CEO, effective April 1, 2024. With over 30 years of experience in multiple sectors, including fertilizers and energy, Syed is well-suited for the role. He has led significant projects and played a crucial part in reducing Pakistan’s dependence on imported fuels.

Malaysia’s High Commissioner to Pakistan, Mohammad Azhar Mazlan, discussed the potential for collaboration in the Hilal meat industry and bilateral ties in his guest lecture at the Islamabad Policy Research Institute. He highlighted the importance of Pakistan as Malaysia’s trading partner, the presence of Pakistani workers in Malaysia, and proposed elevating the Strategic Partnership to include economics, technology, and defense. Mazlan also emphasized the need for policy reforms, people-to-people cooperation, and leveraging Pakistan’s agricultural potential.

Pakistan’s exports to China surged by 40.01% in the first six months of the current fiscal year (2023-24), reaching $1481.499 million. The month-on-month exports experienced a slight dip of 4.92% in December 2023. Meanwhile, Pakistan’s overall exports rose by 7.49% to $15.288 billion.

Pakistan’s tea imports grew by 5.53% in the first half of the current fiscal year. The country imported tea worth $336.423 million, experiencing a 9.12% increase in quantity. Additionally, Pakistan’s overall merchandise trade deficit decreased by 34.29% during this period.

Kazakhstan’s rice imports from Russia have surged, making Russia the leading supplier of rice to the country. India and Pakistan also contribute to the imports. Kazakhstan’s rice market heavily relies on imports, with various countries like Pakistan providing a wide range of rice varieties. Rice prices in Kazakhstan have risen by 38.4%, and there are export opportunities for Pakistani rice exporters to meet the growing demand in Kazakhstan. [Source: Kazinform News Agency]