In November, Myanmar’s rice and broken rice exports declined to 175,990 tons compared to the previous year’s 264,037 tons. Despite the decrease, Myanmar remains an important player in the global rice market, emphasizing its commitment to delivering quality rice to various countries.

India is set to become a USD 5 trillion economy within two and a half years, making it the world’s third-largest economy by 2027, as stated by Commerce and Industry Minister, Piyush Goyal. Goyal also highlighted India’s successful adoption of e-commerce and introduced a new handbook to encourage exports in the sector.

Pakistan’s rice exports have exceeded expectations, reaching a record-breaking 1.7 million metric tons during July-November 2023 and generating $1.12 billion. Optimism remains high as analysts predict export revenue for 2023-24 could reach $2.7 billion, potentially even $3 billion if targets are met. However, challenges include declining basmati rice prices and competition from India’s rice exports. Financial risks related to increased borrowing and higher interest rates also pose concerns for the industry. Despite these challenges, with the right strategies, Pakistan’s rice export industry has the potential for continued success.

In a boost to rice farming, Qelewaqa Cooperative in the Macuata area will receive a new rice harvester, with 1/3 government funding and a 2/3 cooperative contribution. This investment will greatly improve efficiency for the 16 members and enable them to offer harvesting services to neighboring farmers, ultimately strengthening the local rice industry.

The ongoing crisis in the Red Sea may disrupt rice trade, potentially impacting rice exports from India. Trade route disruptions could lead to increased rice prices due to rising logistics costs. More information will be available once trade figures for December are released.

Pakistan’s rice export industry sets a new record with $1.12 billion revenue in the first 5 months of the fiscal year 2023-24, generating hope for a prosperous second half. Industry insiders project the revenue could reach up to $2.7 billion for the full fiscal year, driven by strong performance and high unit prices. However, challenges such as declining basmati rice prices and potential competition from India pose risks to the industry’s prospects.

Former Chairman of the Rice Exporters Association of Pakistan (REAP), Rafique Suleman, aims to prioritize agricultural reforms if elected as Vice President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI). His focus includes increasing per acre yield, reducing production costs, and motivating farmers to boost production for export, contributing to Pakistan’s goal of becoming a leading exporter of rice. Source: [BRecorder](https://www.brecorder.com)

Rice prices in Asia surge due to supply constraints, with Thailand experiencing a fifteen-year high and India reaching a two-month peak. Vietnam, however, sees a slight decline. Rising demand from Indonesia and the Philippines impacts prices. Careful export management is necessary to ensure food security.

The increase in rice prices in Asian countries is driven by supply constraints and growing demand from overseas markets, particularly from Indonesia and the Philippines. Thailand’s rice prices have reached a fifteen-year high, while India’s parboiled rice prices have surged to a two-month peak.

Rice exporter Rafique Suleman prioritizes reforming Pakistan’s agricultural sector, aiming to increase per acre yield and boost foreign exchange through rice exports. Emphasizing global demand for Pakistani rice, he announces his candidacy for VP in the FPCCI election. Source: BRecorder.