Indonesians Rush for Rice as Prices Surge
Published on: February 28, 2024.
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Pakistan Rice Exporters Association (PREMA) has forecasted that Pakistan will export around 4 million tons of rice in the fiscal year 2021-22. This is a positive sign for the country’s rice industry as it indicates a potential increase in exports compared to the previous year.
According to the president of PREMA, the increase in exports can be attributed to several factors. Firstly, the demand for Pakistani rice in international markets has been on the rise. In particular, countries like Saudi Arabia, UAE, and Iran have shown a significant increase in their import of Pakistani rice.
Additionally, the competitive pricing of Pakistani rice has allowed it to gain an edge over its competitors. Pakistan is known for its high-quality rice at affordable prices, making it an attractive option for buyers in the global market.
Furthermore, the availability of different varieties of rice in Pakistan has also contributed to the increase in exports. Basmati rice, in particular, is highly sought after and Pakistan is one of the major suppliers of this variety.
The rice industry plays a vital role in Pakistan’s economy. It is one of the largest agricultural sectors, providing employment to millions of farmers and workers. The increase in exports will not only benefit the rice industry but also contribute to the overall economic growth of the country.
To further boost exports, the government of Pakistan has implemented various initiatives to support rice exporters. These include providing subsidies on freight charges and offering financial incentives to exporters. These measures aim to reduce the cost of exporting rice and make Pakistani rice more competitive in the global market.
In conclusion, Pakistan’s rice industry is poised for growth as the country looks set to increase its rice exports in the coming fiscal year. With the demand for Pakistani rice on the rise and the government’s support for exporters, the industry is expected to thrive and contribute to the country’s economic development.
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