Pakistan Aims for $10 Billion Rice Exports by 2028
Published on: December 21, 2023.
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LAHORE: Pakistan’s rice sector is aiming to boost its exports to $10 billion within the next five years due to an increase in the country’s rice production and growing per acre paddy yield. Experts in the rice sector predict that rice exports will reach around 4.5 million tonnes, bringing in $2.5 billion in export proceeds by 2023.
Thanks to favorable weather conditions, the resilience of growers, increased availability of water and fertilizer, and access to new markets, Pakistan has achieved the second-highest production of rice in its history, with 9 million tonnes produced. This surplus of rice has paved the way for an increase in export volume.
A significant factor contributing to this growth is the higher production of Basmati rice in Pakistan, particularly the C1121 variety. Pakistan leads in the production of this premium quality rice compared to India, where the 1509 Basmati variety is more commonly cultivated. As a result, Pakistani exporters can offer higher quality rice at a lower price than their Indian counterparts, as domestic rates in Pakistan remain 28% lower in November (peak Basmati arrival month) compared to India.
Shahzad Ali Malik, Chairman of the Pakistan Hitech Hybrid Seed Association and member of the Export Advisory Council, believes that with the continuous rise in rice production, rice exports alone can generate $10 billion by 2028. He discusses a roadmap in a recent meeting of the council, projecting that by 2025, rice exports could reach $5 billion.
Notably, Sindh province has been at the forefront of hybrid rice cultivation, while Punjab province still has untapped potential for the production of extra-long grain hybrid varieties, which would further contribute to the export surplus.
In conclusion, Pakistan’s rice industry is poised for significant growth in exports, fueled by increased production and favorable market conditions. With the right strategies and support, the sector has the potential to achieve its ambitious goal of $10 billion in exports within the next five years.
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