|For 8MFY17, Basmati exports are down 13 percent in quantity and a whopping 17 percent in value. As for non-Basmati, exports are down11 percent year-on-year in terms of volume, and14 percent in dollar terms.|
This column has highlighted the falling Basmati exports numerous times in the past (Read: “Low price weighing down rice,” published June 22, 2016). However, now it’s the non-Basmati variety that has become a cause of concern. This decline is a relatively recent phenomenon, as Pakistan had been doing exceptionally well to capture markets for its cheaper, non-Basmati varieties of rice in FY16. Indeed, the once booming non-Basmati varieties are now suffering the same fate as their premium counterpart.
|A well-placed source from REAP told BR Research that the main reason for the decline has been a higher price; local stockists/middlemen have been hoarding rice and shoring up the price. Now Pakistani rice is around $25-30 more expensive than Thailand or Vietnam.|
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