Rice Exports Poised to Hit $3 Billion in FY: Exporters
Published on: December 21, 2023.
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Rice Exporters Hopeful for USD 3 Billion Marks in 2023, Aiming for USD 5 Billion by 2025
Rice exporters in Pakistan are optimistic about reaching the USD 3 billion mark in exports during the current financial year. They have set their sights on achieving USD 5 billion in exports by the year 2025. This positive outlook is attributed to the higher production of rice, particularly the coarse variety, which is made possible by the use of hybrid seeds.
Shahzad Ali Malik, former chairman of the Rice Exporters Association of Pakistan (REAP) and member of the Export Advisory Council (non-textile), expressed his confidence in these export targets during an interview with Business Recorder. Malik believes that with the continuous increase in rice production and the availability of exportable surplus, rice exports alone could reach USD 10 billion by 2028.
Malik emphasized the need for the promotion of hybrid varieties of rice, particularly the extra-long grain hybrid varieties, in the province of Punjab to further boost rice exports. Currently, only Sindh actively cultivates hybrid rice varieties. Expanding the cultivation of these high-yielding varieties in Punjab would provide a significant export surplus for Pakistan.
During a recent visit to China, Malik witnessed the potential for further cooperation between Pakistan and China in the agriculture sector. Several memorandums of understanding (MoUs) were signed between Pakistani and Chinese companies to develop better yielding oilseeds. Pakistan currently imports edible oil worth USD 4-5 billion annually, and focusing on oilseed sowing within the country would help save this precious foreign exchange.
Malik commended the efforts of Pakistan’s mission in Beijing for arranging fruitful business-to-business meetings during the visit. As part of the agreement, seed development companies from both countries will collaborate on developing hybrid seeds for canola, sunflower, and cotton crops. These hybrid seeds will be resistant to heat stress and offer better yields.
Pakistan and China have already seen success in their collaboration on developing hybrid rice and green chilli seeds. Sindh has been cultivating hybrid rice on a large scale for many years, while hybrid chilli seeds have been introduced more recently.
Malik also announced that his company has developed a hybrid Basmati rice variety, which will be introduced for commercial sowing in Punjab during the next season. This variety is expected to yield more per acre compared to existing varieties.
Overall, the future looks promising for rice exporters in Pakistan. With continued efforts and collaborations, the goal of reaching USD 5 billion in exports by 2025 seems within reach. The expansion of hybrid rice cultivation and the development of other high-yielding crops will contribute to the growth of the rice industry in Pakistan.
Source: [Business Recorder](https://www.brecorder.com)
