Record High Rice Exports from Pakistan in FY23-24
Published on: April 25, 2024.
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ISLAMABAD: Chairman of the Rice Exporters Association of Pakistan, Chela Kewlani, revealed that Pakistan’s rice exports have already surpassed the previous year’s figure within the first seven months of the current fiscal year. This remarkable achievement is attributed to a successful crop and a significant increase in prices. It is expected that the country’s rice exports will exceed 5 million tons for the first time in history.
According to a report from the US Department of Agriculture, Pakistan’s rice exports are projected to reach a record 5.5 million tons in 2023/24, marking a 46.3% increase from the previous year’s 3.76 million tons. This positive trend in exports is expected to continue, as Pakistan is estimated to produce 9 million metric tons of rice this year, facilitating further export opportunities.
The international market’s rice prices have risen due to an export ban imposed by the Indian government, which previously held a 40% market share. This presents a golden opportunity for Pakistan to capitalize on and explore new markets by actively promoting its rice to distant countries and regions. By doing so, Pakistan can expand its rice trade and increase its market presence on a global scale.
In a significant development, Pakistan’s rice export to China in 2022 exceeded USD 455 million, with a volume of over one million tonnes. This achievement marks a crucial milestone in the rice trade between China and Pakistan. Chinese traders are eager to take advantage of this opportunity and increase their share of Pakistani rice in the domestic market.
In conclusion, Pakistan’s rice exports have shown remarkable growth, surpassing previous records. With favorable market conditions, the country has the potential to further expand its exports, establish new trade relationships, and cement its position as a leading rice exporter.
Source: [En News](https://en.wenews.pk)
