LAHORE:
Pakistan has achieved a outstanding progress in rice exports through the first half of the present fiscal yr, recording a 19% enhance regardless of dealing with vital world challenges. This surge in exports is prone to proceed within the second half as properly.
In line with official statistics, from July to December 2024, Pakistan exported 3.06 million tons of rice value $1.87 billion, in comparison with 2.57 million tons value $1.64 billion in the identical interval of final yr.
Basmati rice exports exhibited a formidable development of 30.4%, with shipments of 416,491 tons valuing at $433.81 million, up from 367,465 tons value $318.85 million final yr. Non-Basmati rice exports grew 17.2% to 2.65 million tons with whole worth of $1.44 billion, in comparison with 2.25 million tons value $1.27 billion within the corresponding interval of 2023.
“This development got here regardless of challenges comparable to the continued Pink Sea battle, which disrupted commerce routes and elevated logistical prices. Exporters managed to adapt by rerouting shipments and effectively managing these disruptions,” commodities’ professional Hamid Malik remarked.
He stated that moreover India’s lifting of its rice export ban, the removing of its minimal export value cap and a large devaluation of the Indian rupee created a aggressive pricing setting within the world market. India’s aggressive use of subsidies and diversion of public distribution system (PDS) rice for export additional pressured world markets.
Nevertheless, Pakistan’s premium-quality rice, notably its fragrant Basmati, continued to command sturdy demand internationally. Different stakeholders within the business stated that regardless of geopolitical instability, Pakistani rice exporters effectively tailored to minimise disruptions. A former chairman of the Rice Exporters Affiliation of Pakistan (REAP) emphasised that Pakistan’s deal with high quality and its means to navigate unfair commerce practices, comparable to India’s violation of World Commerce Organisation (WTO) agreements, had been the important thing to sustaining development.
He added that Pakistani rice was prone to acquire additional momentum this yr when it comes to exports because the commodity was gaining acceptance and exporters have been looking for new markets.
“Just lately, an settlement between the Buying and selling Company of Pakistan and the Directorate Normal of Meals Bangladesh for export of our Basmati rice is a recent and welcoming begin for the brand new yr.” Different rice exporters are optimistic a few additional enhance in exports in 2025. Regardless of dealing with stiff competitors from India, which not too long ago lifted its ban on exports, Pakistani exporters stay assured of their means to seize worldwide markets. REAP tasks rice exports might attain $4.5 billion by the top of present fiscal yr 2024-25.
“The optimistic outlook is supported by beneficial planting situations and ample irrigation water all through the rising season, that are anticipated to lead to a promising harvest,” medium-scale rice grower and exporter Tariq Sikandar stated.
Moreover, efforts to enhance the standard of rice and cling to worldwide requirements are ongoing. The institution of an analytical lab to make sure scientific evaluation of most residue ranges in rice was additionally being thought-about and it might assist in additional lifting the requirements of the commodity, he added. Pakistani rice continues to be a most well-liked alternative in markets comparable to Kenya, Malaysia and Indonesia, the place demand stays sturdy. Exporters are additionally exploring new markets in Africa and different areas to diversify their buyer base.
“With these optimistic outcomes, we’re assured that the nation’s rice exports will proceed to rise, contributing considerably to the nationwide economic system. Nevertheless, to maintain this development, there’s a want for continued deal with innovation, coverage reforms and efficient advertising and marketing methods to additional differentiate Pakistani rice in aggressive markets,” Sikandar stated. “The mixed efforts of farmers, exporters and the federal government have positioned Pakistan’s rice business for a promising future.”