Pakistan’s economy has reached a turning point in July 2023, with early signs of recovery expected in FY24. Factors such as declining global commodity prices and a favorable international growth forecast contribute to the positive outlook, although challenges and risks remain. The government aims to boost revenue through various measures.

India is set to lower the minimum export price for basmati rice, easing concerns for farmers and exporters. The reduction in the floor price, expected to be announced soon, is aimed at reviving trade in basmati rice, benefiting both parties involved. India, the largest exporter of rice, plays a significant role in the global rice market.

The State Bank of Pakistan (SBP) projects Pakistan’s real GDP growth to fall between 2-3% due to demand compression measures, but highlights improvements in the economic situation and positive global growth prospects. The SBP anticipates improvements in the supply chain, boosts in manufacturing, exports, agriculture, and services, while keeping inflation in check. The fiscal deficit is estimated to range from 7-8%, with a projected decrease in the current account deficit. The SBP emphasizes the need for comprehensive reforms to support economic growth and development.

The Indian government is expected to reduce the floor price for basmati rice exports in response to farmer and exporter complaints. This move aims to address trade concerns caused by the current minimum export price (MEP) of $1,200 per metric ton. India is the world’s largest exporter of basmati rice, and a reduction in MEP is expected to benefit farmers and resume trade. Source: Reuters.

Farmers in Pakistan protest low rice prices, causing roadblocks and vehicle queues. Traders offer them only Rs 2,200 to Rs 2,300 per maund, not enough to cover production costs. Visit hasrice.com and pakistanrice.com for information on suppliers, prices, and to connect with reliable partners.

The Ambassador of Iran to Pakistan underscores the potential for growth in trade between the two nations, emphasizing the economic benefits and shared interests. Expanding trade can foster lasting peace while addressing enemies and promoting commonalities. Iran’s support for Palestine and commitment to regional peace were also emphasized.

In the last 24 hours, five ships carrying wheat, palm oil, and coal arrived at Karachi’s port, while a total of eight ships were engaged at PQA berths. The port handled a cargo volume of 117,276 tonnes, including 2,618 containers. Currently, nine ships are at the outer anchorage of Port Qasim, with more expected arrivals.

India’s commerce ministry plans to lower the minimum export price (MEP) of basmati rice from $1,200 to $850 per tonne due to concerns raised by exporter groups. The move aims to increase domestic rice supply, control prices, and compete with neighboring Pakistan in the global market. Expected to be implemented in the next two weeks, this reduction could benefit exporters and stabilize rice prices domestically. [Source: Moneycontrol]

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UK rice millers fear the future as the UK-India free trade agreement approaches. The industry is concerned about reduced tariffs on white rice, which could render UK mills obsolete and threaten supply security and job losses. Source: ET Retail