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Pakistan’s rice exports likely to touch all-time high level this year

BEIJING-Pakistan’s rice exports will not only be higher than the previous year but are likely to touch an all-time high level this year as a result of the expansion of planting area and the improvement of technology. In addition, the ban on rice exports by India will also help to explore new export markets for Pakistani exports. Pakistan will earn $2.7 billion to $3 billion through the export of rice during this fiscal as sufficient rice stocks will be available.
And the global food shortage caused by various factors has further pushed up export prices. Quotations for Pakistani rice exports (25 percent broken) climbed to an average of US$503 per metric ton in May, an increase of 11.0 percent month on month, to their highest level since August 2008. Further, by July 15, Pakistan rice prices rose to US$ 600 per metric ton, China Economic Net (CEN) reported. Pakistan’s rice export to China in 2022 surpassed $455 million with a volume of more than one million tonnes, for the first time in the China-Pakistan rice trade, said Ghulam Qadir Commercial Counsellor.
China imports of semi or wholly-milled rice (Commodity Code: 10063020) from Pakistan touched $211.88 million, while two kinds of broken rice (Commodity Code: 10064020,10064080) reached $162.78 million and $80.74 million respectively. Pakistani rice is getting popular in the Chinese market, he emphasized. In China, basmati is used as a kind of high-end rice, mainly for Southeast Asia and South Asia restaurants. This long-grain rice, which has a chewier taste, requires less water when cooking. It is suitable for making baked rice and hand-picked rice, Ding Yong, East China Regional Manager, Shenzhen Vintop Import and Export Co., Ltd. said. More Chinese should be promoted to learn about basmati rice, my way of thinking, which will be of great help to stimulate the export of Pakistani rice. Basmati rice is a business card of Pakistan, thus more publicity on local customs will be of great benefit to expanding the domestic market, Ding added. As per estimated, Pakistan will produce some 9 million metric tons of rice during the year and this will help to export more commodities, noted Rafique Suleman, Convenor FPCCI Standing Committee on rice. Due to the flood-induced crop failure, in terms of volume rice export shrunk by 25 percent during the last fiscal year. Pakistan exported 3.717 million metric tons of rice including basmati and other varieties during July-June of FY23 as against 4.97 million metric tons in the corresponding period of the previous year. But expected bumper crops this year will bring hope to the industry as a whole. The country’s rice exports will not only be higher than the previous year but likely to touch an all-time high level, Suleman said.

https://www.nation.com.pk/11-Aug-2023/pakistan-s-rice-exports-likely-to-touch-all-time-high-level-this-year QR Code

Published Date: August 11, 2023

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