Pakistan’s rice exports to reach all-time high

BEIJING: Pakistan’s rice exports are expected to reach an all-time high this year as a result of the expansion of planting area and the improvement of technology.

It is estimated that Pakistan will produce some 9 million metric tons of rice this year, said Rafique Suleman, convener for the standing committee on rice, under Federation of Pakistan Chambers of Commerce.

This is despite flood-induced crop failure, which shrunk rice export volume by 25 percent during the last fiscal year.

The ban on rice exports by India is also likely to help Pakistan access new export markets. The nation is projected to earn $2.7 billion to $3 billion through the export of rice during this fiscal, with sufficient rice stocks available.

India’s major rice export ban triggers inflation fears

According to the Associated Press of Pakistan, quotations for Pakistani rice exports (25 percent broken) climbed to an average of $503 per metric ton in May, an increase of 11.0 percent month on month, breaking the August 2008 record. By July 15, rice prices rose to $600 per metric ton.

Commercial Counsellor Ghulam Qadir said that Pakistan’s rice is gaining popularity in China, which imported $455 million worth of rice in 2022. Basmati is used in China as a kind of high-end rice, mainly for restaurants.

China’s imports of semi or wholly-milled rice touched $211.88 million, while two kinds of broken rice reached $162.78 million and $80.74 million respectively.

China reports biggest drop in exports since 2020

It is estimated that Pakistan will produce some 9 million metric tons of rice this year, said Rafique Suleman, Convenor FPCCI Standing Committee on rice. This is despite flood-induced crop failure, which shrunk rice export volume by 25 percent during the last fiscal year.

Pakistan exported 3.717 million metric tons of rice including basmati and other varieties from June to July in the fiscal year 2023 , compared to the 4.97 million metric tons in the same period last year.