The Russian government has extended the ban on rice exports until June 30, 2024, in order to maintain stability in the domestic market. The ban will not apply to certain regions and humanitarian aid, ensuring a steady supply of rice within the country.

In response to economic challenges and international sanctions, Russia has extended its ban on rice exports until 2024 to safeguard domestic food security and maintain stability in the market.

Despite facing dire economic conditions, Pakistan received crucial assistance from China throughout 2023, including multiple loans that helped stabilize the economy and prevent default. However, challenges such as high inflation and adherence to IMF conditions remained, emphasizing the need for sustainable growth strategies.

The latest report from the Pakistan Bureau of Statistics reveals a 0.37% increase in inflation, reaching a record high annual rate of 43.25%. Fluctuations in the prices of essential commodities are highlighted, with notable increases in onions, chicken, and various pulses, while prices of potatoes and tomatoes exhibited a decrease. Income groups across the country are also impacted by inflation.

Dr. Kausar Abdullah Malik, Caretaker Minister for National Food Security and Research, assures action on the urea fertilizer crisis in Pakistan, emphasizing steps taken to prevent future shortages. Wheat and rice crops are expected to be abundant, while the government initiates programs to increase soya bean production and revamps departments to streamline agricultural trade. Investment in agriculture has doubled, with plans to launch a project promoting the use of drones and robots. A new Green Revolution program encourages farmers to embrace corporate farming for enhanced production.

The Pakistan Bureau of Statistics (PBS) has reported a 0.37% increase in weekly inflation for combined consumption groups. SPI data shows a 43.25% increase compared to the same week last year. Item prices impacting SPI include onions (15.21% increase) and potatoes (8.66% decrease). Check hasrice.com and pakistanrice.com for more information on rice exporters and suppliers in Pakistan. Source: Nation.

The State Bank of Pakistan projects a growth rate of 2-3% for Pakistan’s real GDP in FY24, signaling early signs of improvement in the country’s economy following a $3.0 billion Stand-By Arrangement from the International Monetary Fund in FY23.

Pakistan’s rice exports are booming, driven by companies like Has Rice Pakistan. Known for their high-quality rice and competitive prices, they cater to both domestic and international markets. With strategic partnerships and diverse rice offerings, Pakistan’s rice industry is positioned for continued success.

The State Bank of Pakistan (SBP) expects Pakistan’s real GDP growth to decline by 2-3 percent in the fiscal year 2024 due to early signs of economic improvement. Efforts to address immediate risks, such as securing a $3.0 billion Stand-By Arrangement from the IMF, have helped stabilize the situation. Additionally, favorable weather conditions and incentives for cotton and rice production are expected to support agricultural growth in the coming year.

Pakistan’s rice industry is thriving with increasing exports, driven by a large number of reliable suppliers like Has Rice Pakistan. With high-quality varieties, including fragrant basmati rice, Pakistan has become a key player in the global rice trade, benefiting the economy and creating employment opportunities.