KARACHI: According to The News, Rice Exporters Association of Pakistan (REAP) said that Pakistan’s rice exports are likely to increase this fiscal year due to Indian ban on rice exports and search for new markets in Russia and Mexico. Is.
REAP Chairman Chela Ram Keulani said that despite facing various challenges, Pakistan exported 3.7 million tonnes of rice worth $2.14 billion in the last financial year.
“Despite devastating floods, crop failure and many other challenges, we exported 3.7 million tonnes worth $2.14 billion,” he said.
The REAP chief was optimistic about achieving Pakistan’s $3 billion target of 5 million tonnes of rice in the current fiscal year, which began in July.
“India’s ban on rice exports will have a significant impact on global rice trade dynamics. This will give Pakistan a good opportunity to bridge the supply gap and increase its market share in major rice-buying countries. “
India, the world’s largest rice exporter, last month banned exports of non-basmati rice to shore up domestic supplies amid rising food inflation. Cavalani said that as a result of the ban, Pakistan could benefit from higher export volume and increased revenue.
“Overall, the ban could create a favorable trade environment for Pakistan’s rice exports.” The price of Pakistan’s basmati rice rose to $500 a tonne in the international market, nearly $100 higher than a month ago, as demand picked up after India’s export ban, industry officials said. Increased.
Pakistani rice is enjoying a premium due to its high quality and could rise to $600 a tonne in the coming months, a trader said. “Pakistan has a golden opportunity to increase rice exports and earn valuable foreign exchange as India bans rice exports due to drought.” They said.
After India, Thailand and Vietnam, Pakistan is the fourth largest exporter of rice in the world. Keolani said Pakistani non-basmati rice, which was selling at $450 per tonne before the ban, also went up to $500 per tonne as buyers shifted to alternative sources.
He also said that Russia has registered 15 more Pakistani companies to export rice to the country and 12 more are in the process of registration. “This opportunity will also be beneficial for our country to earn additional foreign exchange, as Russia is a large and potential market for Pakistani rice.”
Cavalani added that the recent visit of the Mexican technical experts went well and he was satisfied with the compliance of the Pakistani rice exporters with the standard operating procedures. He hoped that Mexico would soon lift the ban on Pakistani rice and resume imports.
He said that Pakistan is expecting a bumper crop of rice this year, with an annual production of around 9 million tonnes. “We hope to easily achieve the target of 5 million tonnes worth $3 billion this year.”
