Global Rice News

95.26% Increase in Rice Exports

Published on: February 20, 2024.
Filed under:
Asia Rice News
 
Global Rice News
 
Pakistan Rice News
 
Rice Export
 
Rice Production

Pakistan’s Rice Exports Witness Impressive Growth

In a remarkable development, rice exports from Pakistan have experienced a significant surge during the first seven months of the current financial year, witnessing a growth of 95.26% compared to the same period last year. According to data provided by the Pakistan Bureau of Statistics, from July to January 2023-24, the country exported over 3.323 million metric tonnes of rice, amounting to a total value of $2.115 billion. This is in stark contrast to the 1.982 million tonnes valued at $1.083 billion that were exported in the corresponding period of the previous year.

Basmati Rice Exports Lead the Way

Out of the total rice exports, Basmati rice has seen a notable increase of 35.59%. A total of 398,764 metric tonnes of Basmati rice worth $456.950 million were exported, surpassing last year’s figures of 320,751 metric tonnes valued at $337.008 million. Meanwhile, non-Basmati rice exports reached over 2.924 million metric tonnes, valued at $1.658 billion, compared to 1.661 million metric tonnes worth $746.434 million in the same period last year.

Impressive Growth in Food Group Exports

Not only has the rice sector experienced remarkable growth, but the overall food group exports have also witnessed a surge of 57.66%, totaling $4.267 billion. On the other hand, food imports have decreased by 21.09%, amounting to $4.721 billion during the first seven months of the current fiscal year, as opposed to $5.983 billion in the same period last year. This decline in imports includes commodities such as wheat, soya bean oil, palm oil, and sugar, which notably declined by 28.81%, 48.85%, 34.13%, and 42.75% respectively.

Promising Trade Balance Figures

When looking at the overall trade balance, the data reveals that Pakistan’s exports during July-January 2023-24 amounted to $17.782 billion, representing a 7.89% increase compared to the corresponding period last year. In contrast, imports decreased by 14.11% to $30.949 billion, resulting in a trade deficit of $13.167 billion for the first seven months of the current fiscal year. This marks a significant decline of 32.66% from last year’s deficit of $19.553 billion.

These impressive figures indicate the strong performance of Pakistan’s rice industry and overall trade sector. With such growth and success, the country’s rice exporters, including Pakistan Rice Exporters and HAS Rice Pakistan, have played a crucial role in enhancing the economy and establishing international trade partnerships.

Source: The Express Tribune

Related posts:

Thailand Maintains Position as the Second Largest Rice Exporter Worldwide
US diplomats emphasize agricultural and dairy sector partnership during Chakwal visit