Pakistan’s Rice Exports Expected to Soar in FY 23-24 Due to Strong Crop Performance
Published on: April 24, 2024.
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SHENZHEN, Apr. 17 (Gwadar Pro) – Pakistan’s rice exports have experienced a significant surge, surpassing the previous financial year’s achievements in just seven months. Chela Kewlani, Chairman of the Rice Exporters Association of Pakistan, stated in February that the value of rice exports had already reached the previous year’s total. This increase can be attributed to a good crop size and a rise in prices, with shipments expected to exceed 5 million tons for the first time in history.
According to the latest report from the United States Department of Agriculture, Pakistan’s rice exports for the year 2023/24 are projected to reach a record-breaking 5.5 million tons, marking a remarkable 46.3% increase compared to the previous year’s 3.76 million tons.
Rafique Suleman, Convenor FPCCI Standing Committee on Rice, noted that Pakistan is estimated to produce 9 million metric tons of rice this year, which will further contribute to increased exports. Suleman expressed optimism that the volume of rice exports would reverse the decline experienced last year. This year’s rice exports are expected to not only surpass the previous year’s numbers but also reach an all-time high. This growth can be attributed to an increase in planting area and advancements in technology, benefiting rice growers directly.
Kewlani stated that the price of rice has risen by 25% to 30% compared to last year, resulting in higher foreign exchange earnings for the country through rice exports.
The global rise in rice prices can be attributed to an export ban imposed by the Indian government to curb inflation. As a result, Pakistan’s rice exports have been able to tap into new markets by actively promoting the commodity to more distant countries and regions. In addition to its core markets, Pakistani rice has successfully expanded into various new markets in Southeast Asia and the Western Hemisphere.
Hamid Malik, a commodity expert, stated that the average export price for Basmati rice was USD 1,146/ton, compared to USD 1,044/ton last year. Similarly, the average export price for non-basmati rice was around USD 567/ton, a significant increase from the previous year’s USD 449/ton.
The rice trade between China and Pakistan has also witnessed significant growth. Pakistan’s rice exports to China in 2022 exceeded USD 455 million, marking the first time that the trade volume surpassed one million tonnes. Chinese traders are eager to capture a larger share of Pakistani rice in their domestic market.
Ding Yong, East China Regional Manager of Shenzhen Vintop Import and Export Co., Ltd., expressed the importance of promoting basmati rice to Chinese consumers. He highlighted that basmati rice is considered a high-end rice in China, commonly used in Southeast Asia and South Asia restaurants. He emphasized that raising awareness and understanding of basmati rice among Chinese consumers would greatly support the export of Pakistani rice. He also noted that basmati rice serves as a symbol of Pakistan and further publicity on local customs would help expand the domestic market.
Overall, Pakistan’s rice exports have experienced a remarkable surge, driven by a good crop size and increased prices. With the expansion into new markets and the projected record-breaking exports for the year 2023/24, the rice industry in Pakistan is poised for continued growth.
Source: [Gwadar Pro](http://en.ce.cn)
