pakistan rice exports hit record $3 billion despite indian ban
Published on: May 5, 2024.
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Pakistan’s Rice Export Industry Flourishes, Exceeding $3 Billion in Exports
Pakistan’s rice export industry has experienced significant growth, reaching an unprecedented $3 billion in the first nine months of fiscal year 2024 (FY24), breaking previous records. This surge in exports can largely be attributed to India’s ban on rice exports.
According to official data, Pakistan’s rice export sector has witnessed an impressive 83% growth during July-March of FY24, with total earnings amounting to $2.939 billion, compared to $1.6 billion in the same period of the previous fiscal year. These nine-month export figures have surpassed the entire export earnings for FY23, which amounted to $2.1 billion.
In terms of quantity, Pakistan has achieved a remarkable milestone, exporting 4.55 million tons of rice during the first nine months of FY24, compared to 2.9 million tons in the corresponding period of FY23.
Based on the current pace, it is projected that the overall rice exports by the end of FY24 will reach approximately $4 billion, with quarterly exports averaging around $1 billion. This impressive performance has prompted the Rice Exporters Association of Pakistan (REAP) to set a target of $5 billion for the following fiscal year, FY25.
Rafique Suleman, a prominent rice exporter and former chairman of REAP, credits Pakistani exporters for their ability to capitalize on India’s export ban and their dedication to boosting foreign exchange earnings in the midst of a financial crisis. The ban has led to a significant increase in demand for Pakistani rice, particularly in new markets such as Indonesia. Additionally, Suleman highlights the exploration of new markets in the Far East and the strong performance in African markets, particularly West and East Africa.
The non-basmati rice sector has emerged as a leader in export earnings, experiencing a remarkable 102% growth. During the July-March period of FY24, non-basmati rice exports reached $2.3 billion, compared to $1.1 billion in the same period of FY23. Basmati rice exports also saw a notable increase, rising by 36% to $622 million during the period under review.
In conclusion, Pakistan’s rice export industry is thriving, with record-breaking earnings in the first nine months of FY24. Pakistani exporters have successfully tapped into new markets and capitalized on the ban on Indian rice exports. With a strong performance and ambitious targets set for the future, the industry is poised for continued growth and success.
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