The Sindh High Court criticizes the mishandling of 525,000 tonnes of rice by the Trading Corporation of Pakistan (TCP) and the Punjab trading agency, causing significant loss to the state exchequer and affecting the common man, highlighting the need for accountability and better management systems.

U.S. soybean product exports surge due to harvest delays in Argentina. However, beef sales decline, while old crop wheat and corn sales increase. Rice sales experience a dip. Notably, sorghum exports show a strong performance. Soybean, soybean meal, soybean oil, and upland cotton exports rise. Beef and pork sales decrease.

Pakistan’s rice exports have reached a 5-year high, signaling a growing demand for their rice in international markets. Competitive pricing, a strong network of exporters, and a variety of rice options have contributed to this surge, boosting the country’s economy and foreign exchange reserves.

The Philippines heavily relies on importing rice to meet high demand, with Vietnam being the top supplier. Challenges in domestic rice production, caused by climate change, result in the need for imports. Improving rice production is crucial to reduce dependence on imports and ensure food security.

Top rice exporters are experiencing increased rates due to rising demand, with Thai prices reaching a near two-month high. Fluctuations in exchange rates have attributed to this increase, while India has a surplus supply of rice and Vietnam faces tight domestic supplies. Bangladesh does not need to import rice this year.

Pakistan’s recent surge in inflation has prompted debate among economists. While some attribute it to excessive demand from recovery packages, others argue it is a transient issue caused by supply disruptions. The IMF’s recent release of funds acknowledges the need for tight monetary policy, but may not fully address the complex factors behind the inflation. Higher energy prices and supply disruptions, rather than a surge in demand, have played a significant role in driving inflation. Pakistan’s economy has been affected, leading to a need for an IMF bailout and a call for gradual easing of monetary policy for recovery. Source: The News.

The Punjab Agriculture Minister stresses the significance of modern agricultural machinery in enhancing productivity. Under the “Transforming Punjab Agriculture” program, the government will provide interest-free loans, solar-powered tube-wells, and subsidized agricultural machinery to farmers. By embracing advanced equipment, Punjab aims to overcome resource constraints and adapt to changing climatic conditions, ushering in an era of agricultural prosperity. Source: technologytimes.pk

Pakistan’s Commerce Minister, Jam Kamal Khan, has urged increased trade relations between Pakistan and Belarus, highlighting the variety of goods both countries export to each other. Despite a recorded trade volume of $19.05 million, Minister Khan believes there is untapped potential for further collaboration, particularly in the dairy and agricultural sectors. Ambassador Andrei Metelitsa also suggested deeper cooperation in manufacturing harvesters and electric vehicle transports.

The United Nations is finalizing an international agreement to combat biopiracy by increasing transparency in the patenting of traditional knowledge regarding genetic resources. The goal is to protect these resources from exploitation in various industries. Developing countries and indigenous peoples consider this a significant victory, although several key issues still need to be resolved. The agreement aims to foster innovation while addressing the issue of biopiracy.

Agricultural experts advise farmers to start rice cultivation from May 20 for maximum yield. Timing is crucial for different rice crop varieties, and approved varieties should be used for disease resistance. Expert consultation is available at agriculture department offices.