The reduction of the minimum export price (MEP) for basmati paddy has led to increased prices, benefiting farmers and exporters in India. However, concerns arise over a lower than expected crop and a drop in production, leading to trading stalls in certain mandis.

Thailand, Pakistan, Myanmar, and Cambodia are expected to offset the decrease in rice shipments from India and Vietnam, leading to higher rice exports from Asia. The Food and Agriculture Organization projects exports to reach 55.4 million tonnes, 6% higher than the average.

The promotion of eco-friendly agricultural technology, including the use of Kubota combine harvesters for rice harvesting on beds, was emphasized at the Rice Field Farmers Day event at the University of Agriculture Faisalabad. This technology improves efficiency, productivity, and addresses environmental concerns in Pakistan’s agricultural sector.

Indonesia plans to lower rice import quota to 2 million metric tons in 2024, in an effort to address rising domestic rice prices. The decision comes as the government extends its rice handout scheme until June to help lower-income households cope with high prices.

Pakistan aims to reduce its Current Account Deficit (CAD) by $2 billion, bringing it to $4.5 billion by June 2024. The government expects a decrease in imports to help improve the trade balance and potentially decrease the import bill to $58 billion.

Vietnam’s October export turnover is expected to reach $32.3 billion, with the agricultural sector driving growth. Rice exports have benefitted from high domestic prices, while tra fish exports have also seen positive growth. The Ministry of Industry and Trade is actively pursuing new trade agreements to further boost import-export growth.

Exports to the Middle East experienced a positive growth of 21.38% in the first quarter, with Saudi Arabia seeing a 29% increase and the UAE accounting for 62% of total exports to the region. Despite a decline in exports to Qatar, Pakistani products are gaining competitiveness in international markets.

Pakistan has informed the IMF that the Current Account Deficit is projected to decrease by $2 billion, reducing it from $6.5 billion to $4.5 billion. This decrease reflects a slowdown in imports, as the government aims to reduce the deficit to overcome a balance of payment crisis.

Exports to the Middle East have rebounded with a 21.38% growth in Q1 compared to the previous year, driven by increased demand from UAE and Saudi Arabia. However, exports to Qatar have declined. Efforts to diversify and expand market access will be crucial for sustaining this positive trend.

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